(MENAFN - Daily News Egypt) The Arab African International Bank (AAIB) along with Banque Misr and Banque du Caire have arranged a long-term syndicated loan of EGP 1.5bn to finance 50% of construction cost of a commercial mall owned by real estate developer Marakez on the Cairo-Sokhna road. The AAIB acted as main arranger of the loan.
The loan agreement was signed at the headquarters of Marakez and the signatories were the AAIB, Banque Misr, Banque du Caire, and Marakez as the borrower. Misr Iran Development Bank and Arab International Bank also signed as arrangers.
Sarie Eldin & Partners acted as lenders' legal advisors and Helmy Hamza & Partners acted as borrower's legal advisor.
General Manager at AAIB for Corporate and Institutional Banking, Amany Samir, declared that the transaction is a great collaboration between the AAIB, Marakez (a member of Saudi Al Hokair Group), Banque Misr, and Banque du Caire. It witnessed a great level of efforts in coordination in order to overcome the time challenge, as work had already been commenced at the project's site. The project is expected to be completed after 30 months from the facility's first drawdown date.