Al Marasem eyes Banque Misr to become lead arranger for EGP 2 bn Islamic loan

Real estate player Al Marasem International is in talks with Banque Misr to have it act as the lead arranger for a EGP 1.5-2 bn Islamic loan to fund its work in the new administrative capital, banking sources said, according to Al Mal. The state-owned bank approached a number of other local banks including Al Baraka Bank and Export Development Bank Of Egypt to arrange a revolving Sharia-compliant credit facility. Al Marasem is one of the contractors hired by the New Urban Communities Authority to build the R5 residential area in the new capital.