Banque Misr arranges 4 loans worth EGP 3.6 bn pounds for Al Marasem developments

Banque Misr has arranged four shariah-compliant syndicated facilities worth EGP 3.6 bn for Al Marasem International Development for projects in the new administrative capital and Suez, Al Shoroukreports, citing unnamed informed sources. The state-owned bank has a 40% share in the first three of the loans, the sources said, adding that other participating banks include the Abu Dhabi Islamic Bank, the First Abu Dhabi Bank, Bank Audi, and SAIB Bank. The first EGP 1 bn loan will part-finance a medical complex in Suez, the second EGP 1.5 bn facility will fund the second stage of the New Garden City development in the administrative capital, and the third will extend EGP 590 mn to develop the administrative capital’s central park.