ArabFinance: National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) signed on April 5th an EGP 1.8 billion 7-year mutual financing agreement with a subsidiary of Hassan Allam Properties to fund a residential project, according to a press release.

Located on 173 feddans in the 6th of October City, Swan Lake West is planned to include 550 residential units.

AAIB and NBE were lead arrangers and guarantors of the deal.

Adsero-Ragy Soliman and Partners acted as legal advisors to both banks, while Matouk Bassiouny and Hennawy was the legal advisor to Hassan Allam.

Misr Company for Management and Engineering Development acted as the independent engineering advisor.

Moreover, CEO of Hassan Allam Properties Mohamed Allam revealed that Swan Lake West will accommodate around 2,200 people.

It will include a set of harmonious stages which are semi-independent project with special entrance, Allam added.
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