Back to the complete issue
Sunday, 19 July 2020

Banque Misr arranges 4 loans worth EGP 3.6 bn pounds for Al Marasem developments

Banque Misr has arranged four shariah-compliant syndicated facilities worth EGP 3.6 bn for Al Marasem International Development for projects in the new administrative capital and Suez, Al Shorouk reports, citing unnamed informed sources. The state-owned bank has a 40% share in the first three of the loans, the sources said, adding that other participating banks include the Abu Dhabi Islamic Bank, the First Abu Dhabi Bank, Bank Audi, and SAIB Bank. The first EGP 1 bn loan will part-finance a medical complex in Suez, the second EGP 1.5 bn facility will fund the second stage of the New Garden City development in the administrative capital, and the third will extend EGP 590 mn to develop the administrative capital’s central park.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.