Al Marasem agrees Sharia-compliant credit facilities worth EGP 1.6 bn for Fifth Square residential project

Al Marasem Development signed contracts for Sharia-compliant revolving credit facilities worth EGP 1.6 bn with a consortium of six banks to finance its residential project “Fifth Square” in Cairo’s Fifth Settlement, unnamed sources tell Al Mal. The Export Development Bank Of Egypt and Misr Iran Development Bank agreed to lend a combined EGP 425 mn while the Banque Misr agreed to extend EGP 800 mn. ADIB Capital acted as the financial advisor for the agreement.