ArabFinance: City Edge Developments is in the final steps to obtain a credit facility worth EGP 1.1 billion from the National Bank of Egypt (NBE) and Banque Misr, Al Mal News cited anonymous sources.

The two lenders are currently reviewing the final contracts of the requested loan, which will fund the construction of a mall inside Etapa Square project in El Sheikh Zayed, the news portal added.

The NBE is expected to provide financing worth EGP 660 million, while the other state-owned bank will contribute with EGP 440 million, sources familiar with the matter revealed.

The loan holds a maturity period of nine years and a half, including two years and a half as a grace period, the sources noted.

The mall’s investment cost stands at EGP 2.2 billion, according to the sources.

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