Cairo – Mubasher: Arab African International Bank (AAIB) approved entering into a long-term syndicated loan agreement with Banque Misr and Banque du Caire to finance a project owned by Marakez El Sokhna for Real Estate Projects, a subsidiary to Saudi Fawaz Abdulaziz Alhokair Co, according to a statement on Thursday. 

The EGP 1.5 billion syndicated loan will finance 50% of the investment cost of a shopping mall on the Cairo-Ain Sokhna road. 

The project is due for completion within 30 months as of the receipt of the first tranche, Amany Samir, general manager of corporate banking sector at AAIB said.