Egypt's Banque Misr, BM Lease ink $44.61mln Musharaka deal

Banque Misr will contribute $41.42mln to the loan

  
People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo -  Banque Misr and BM Lease signed a medium-term Musharaka finance agreement worth EGP 700 million with Bonyan for Development and Trade.

Banque Misr will contribute EGP 650 million or 93% to the seven-year loan, while BM lease will contribute with EGP 50 million, the bank said in a statement on Wednesday.

The funding will be used for completing the Walk of Cairo (WOC) project and meeting Bonyan's financial obligations.

The WOC project will be extending for 111,00 square metres to be the longest commercial walk in Sheikh Zayed City.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Islamic Finance