US$685m mall in Egypt to be constructed in 6th of October City

Mall of Arabia
Mall of Arabia: Construction of phase 2 of $65m Mall in 6th of October City will help boost urban development

IFC has disbursed, among other loans, funds to one real estate investment company to construct a $65m mall in 6th of October City, among other projects funded by the International Finance Corporation (IFC ) in different regions. The general manager of IFC Mr Mouayed Makhlouf has said.

He has also said that, apart from the funds given to construct a $65m mall in Egypt, IFC gave the country the largest proportion of funding in the region, approximately $1 billion.

The real estate developer is also receiving funds from EBRD for the construction of the Mall of Arabia. The construction of phase 2 is expected to be completed in time to allow opening in September 2015. Reports also indicate that the construction of the Mall of Arabia has been boosted by a CIB loan of $20m.

According to a report by International Finance Corporation (IFC ), a World Bank affiliate, Egypt took 45% of IFC’s total MENA funding in 2013.

The Middle East and North Africa regions received $2.5 billion in funding from the International Finance Corporation (IFC) to fund private sector projects in various fields, including infrastructure, energy, and small and medium enterprises.

Makhlouf also added that International Finance Corporation (IFC ) is currently considering providing funds for two projects but did not disclose the targeted amount of funding.

In funding the construction of the $65m mall in 6th of October City in Egypt, the IFC has said that around 2400 jobs will be offered. Construction of the Mall of Arabia will also help improve demand for local goods and boost urban development. The mall incorporates 6,500 parking spaces, over 50 food and beverage outlets, a ski park, a 17-screen cinema and will accommodate international fashion and retail brands.

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