The Saudi Egyptian Construction Company "SECON" signed EGP 93 million bridge loan agreement with the National Bank of Egypt "NBE" and Banque Misr "BM." The interim financing is provided until the arrangement of long-term EGP 650 million syndicated loan agreement is signed in two months. The loan is allocated for financing the construction of "Hilton Cairo Nile Maadi hotel.'' The hotel is a part of "SECON Nile Towers" project, located on the banks of the river Nile with an investment cost up to EGP 1.6 billion. A signing ceremony was held to commemorate the agreement. Darwich Hassanein, CEO, SECON , Mr. Hisham Okasha, Deputy chairman, the National bank of Egypt "NBE", Mr. Mohamed Abbas Fayed, Vice Chairman of National Bank of Egypt, Banque Misr and number of the three entities leaders attended the event. "The bridge loan is signed to take advantage of a short-term opportunity in order to secure long-term financing. The loan signing took place just after Hilton Worldwide signed an agreement to manage the new hotel. Egyptian designer "Space Consulting Engineers" has carried out the full designs. And, Hill International will be managing the project until completion. The supervision of the project will be carried by a joint venture between SIAC-Arabtec Construction and "EHAF Consulting Engineers," said Darwich Hassanien , SECON, CEO. "The long term EGP 650 million is divided equally between the two banks and is expected to be signed two months from now. The term of the loan will reach up to 9 years, including three years of withdrawal, in addition to one-year grace period, and a repayment period of five years," added Engineer Darwich. "NBE and Banque Misr are bullish on "Hilton Cairo Nile Maadi" project. The total capacity of the Hotel is around 256-rooms and suites. The estimated construction period is 36 months, starting from February 2013. The overall project construction is expected to be completed by the beginning of 2016. "SECON Nile Towers" construction amid current instabilities in the country endorses the company's commitment towards the Egyptian market. Egypt is endowed with wealth and prosperity and will always attract foreign investment and investors especially in real estate and tourism sectors," added Darwich. "Despite the political and economical turmoil plaguing the country, the partnership agreement between Saudi Arabia and Egypt to build "SECON Nile Towers" project reflects the strength of the relations between the two countries. It also reflects the desire of Saudi Arabia to support the Egyptian economy through pumping more investments in the Egyptian market," mentioned engineer Darwich "The reason behind NBE approval to finance "Hilton Cairo Nile Maadi" sends a clear message that the bank is keen on financing serious projects that will aid the Egyptian economy on the long-term, "said Mr Hisham Okasha, Deputy Chairman of National Bank of Egypt. "I am pleased to sign this agreement which confirms the continuation of Banque Misr in implementing its strategy in providing appropriate funding for serious projects that support the Egyptian economy." Said Mr. Mohammed Abbas Fayed, Vice-Chairman of Banque Misr "Serious investors who bear the risk of investing amid current instabilities encourage banks to share with them the risk, aiming for an atmosphere of confidence and long-term political stability," he added
