Arkan Palm receives EGP 1.5bn finance

A banking alliance has concluded a long-term financing contract worth EGP 1.5bn with Arkan Palm for Real Estate Investment to finance part of the investment cost of the company’s first phase of the “205” real estate project in Sheikh Zayed City.

The alliance includes five banks: the Export Development Bank of Egypt (EBE), as the main arranger, general coordinator, and guarantee; the Housing and Development Bank (HDB); the United Bank; Suez Canal Bank, and MID Bank.

The contributions of each bank in the financing came as follows: EGP 650m from EBE, EGP 300m from HDB, EGP 250m from the United Bank, EGP 150m from Suez Canal Bank, and EGP 150m from MID Bank.

Mervat Sultan, Chairperson of EBE, said this cooperation is not the first among the five banks, and will not be the last in the field of corporate finance.

She stressed her appreciation for the distinctive architectural models that Arkan Palm offers, which match the top international architectural models.