Seven banks agree to lend Al Marasem EGP 1.6 bn for New Cairo project

Seven banks have agreed to provide a EGP 1.6 bn Islamic loan to Al Marasem International for Development to finance the construction of its “Fifth Square” project in New Cairo, sources told Hapi Journal. The loan will be extended over a six or seven-year period, and the company is expected to reach financial close within weeks, the sources said. ADIB Capital acted as adviser on the agreement, the sources said, adding that Banque Misr was among the banks involved.