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Banque Misr boosts Egyptian Tourism

Banque Misr contributed in a loan totaled L.E.140 million granted to the Arab International Co. for Hotels and Tourism, including a segment of $ 3 million.

Banque Misr acts as a financier, and guarantee and document agent with Societe Arabe Internationale De Banque in its capacity as a financier, general coordinator and finance agent in addition to Arab International Bank (AIB) and Port Said Banking Corporation as partners in the loan.

Banque Misr’s share in this loan is L.E. fifty two million and nine hundred thousand equaling the loan agent; the Arab International Bank (AIB)’s share is $ three million (equivalent to about L.E.17.2 million); and Port Said Banking Corporation‘s share is also L.E. 17 million.

Mr. Mohamed Ozalb, Vice Chairman, signed the loan protocol on behalf of Banque Misr. He explained the loan data, purpose and importance in boosting Egyptian Tourism.

Worth noting the Arab International Co. for Hotels and Tourism was founded in 1997 with a capital of $110 million. Banque Misr is a prominent shareholder as it owns 8.36% of the company’s capital. Also the Company owns several successful tourism projects such as Ramsis Hilton Hotel and Mall Annex, Sonesta Port Said Hotel and Mall Annex, and Hilton Waterfalls Hotel – one of the most fabulous resorts in Sharm El-Sheikh, generating net revenues estimated at $ 3.2 million this year with an increase of 11.5% compared to the previous year.

The Company has purchased all shares of Fortune Co. for Tourism Investments and is currently establishing a hotel with a capacity of approximately 400 rooms in Marsa Alam with an estimated cost of L.E. 140 million – the loan value. The Company shall receive  the loan at a three-year period, during which only loan interests are paid, until the hotel construction is completed ;then the hotel shall be leased and the loan value shall be fully paid.