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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.
City Edge was reportedly considering the financial assistance for Etapa development a couple of months ago.
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