According to bank provided information, the proposed investment consists of a US$135 million in A Loan, of which $45 million is to finance the retail property business of Egyptian Center for Real Estate Development, SAE, Egypt (“ECRED” or “the Company”) owned by AlHokair Family (“Sponsors”). In addition, the investment will also consist of a US$90 million loan to Saudi FAS Holding Company, KSA (Saudi FAS) to refinance its existing capital contribution in ECRED for existing operations in Egypt. Saudi FAS is also fully owned by the Sponsors.The financing will support ECRED’s business expansion by partly funding retail and commercial projects in newly developed areas of Cairo and secondary cities in Egypt.
The proposed IFC financing amount to USD$135 million.
Egyptian Centers for Real Estate Development, SAE
Chief Business Development Officer
Juhayna Square – Mall of Arabia Gate 4, Giza Governorate, Cairo, Egypt
ACCOUNTABILITY MECHANISM OF IFC
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