MAF Almaza (EBRD-50550)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 3, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
City Centre Almaza SAE
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 437.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 25, 2019

Disclosed by Bank Jul 2, 2019


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Project Description

According to bank docments, the project involves provision of up to USD 200 million senior A/B loan to City Centre Almaza SAE a fully-owned subsidiary of Majid Al Futtaim Holding LLC. The Loan will be used to finance the development and operation of a regional retail and entertainment centre in Egypt.

The project objective is contribution to the expansion of the private sector and support of sustainable developments in the evolving real estate sector in Egypt. The Loan will be used to finance the construction, equipment and placing into operation of City Centre Almaza, a regional retail and entertainment centre with a gross leasable area of around 103,000 square meters located in East Cairo.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

City Centre Almaza SAE is incorporated in Egypt and active in the development and operation of a regional retail and entertainment centre located in Cairo. The Company is a fully-owned subsidiary of Majid Al Futtaim Holding LLC (the "Sponsor"), a leading shopping mall, communities, retail and leisure developer and operator in the Middle East, Africa and Asia.

Contact Information

Majid Al Futtaim Corporate Communications
media@maf.ae
+971 501074404

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.