Qatari Diar’s subsidiary gets EGP 2B loan from three major Egyptian banks

Updated 2/23/2023 11:41:00 AM
Qatari Diar’s subsidiary gets EGP 2B loan from three major Egyptian banks

Arab Finance: A banking consortium comprised National Bank of Egypt (NBE), Banque Misr, and QNB Alahli have signed an EGP 2 billion syndicated loan agreement in favor of East Gate Developments, a subsidiary of Qatari Diar, according to an emailed press release on February 22nd.

The loan will be directed to partially finance the first phase of the company’s 2,020-feddan project in New Cairo “CityGate”.

The financing agreement was signed in presence of Hamad Bin Talal Al-Thani, Chief Development and Project Delivery Officer at Qatari Diar, Yehia Abou El Fettouh, Deputy Chairman of NBE, Akef El Maghraby, Vice Chairman of Banque Misr, and Mohamed Bedeir, CEO of QNB Al Ahli.

The total actual value of CityGate is expected to reach $12 billion once completed.

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