Arab Finance: The International Finance Corporation (IFC) is in the final stages of approving a $100 million senior secured corporate loan to AlDau Hospitality, part of ADD Properties, to finance a flagship hotel overlooking the Grand Egyptian Museum (GEM), according to a disclosure.
The World Bank’s private sector arm is expected to present the financing package to its board for a vote next month.
The proposed loan forms part of a broader multi-tranche financing structure for the project.
AlDau Hospitality has also secured a $110 million senior loan from the European Bank for Reconstruction and Development (EBRD).
An additional $55 million is being provided in parallel tranches by unnamed local and/or international financial institutions, the disclosure said.
The loan, if approved, is expected to be extended to Marygo Hospitality BV, the Netherlands-based holding company that manages the hospitality assets of the Sami Saad Group, with its Egyptian subsidiaries acting as co-borrowers.
