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Tuesday, 10 November 2020

Who’s in the market for debt? Dar Al Fouad Hospital, Waterway Developments, Conrad Hotel

The Arab African International Bank will arrange and manage a EGP 1 bn syndicated loan for Dar Al Fouad Hospital, which will use it to fund the USD 120 mn expansion of its Nasr City hospital, Al Shorouk reports, citing sources from the bank. The sources did not disclose the other lenders participating in the syndicate.

Waterway Developments is seeking a EGP 1 bn medium-term sharia-compliant loan from a number of unnamed local banks to fund its real estate projects, Al Shorouk reports. Waterway is currently constructing residential and commercial properties in New Cairo, the new administrative capital, and Port Said, among others.

The International Company For Touristic Investments (ICTI) will borrow EGP 320 mn from the National Bank of Egypt to finance the Conrad Hotel’s working capital, Al Shorouk reports, citing unnamed banking sources. The finance comes under the Central Bank of Egypt’s tourism support program ,which allows companies in the sector to access low-interest loans.

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