Egyptian developer Madinet Nasr Housing and Development (MNHD) has ratified signing a medium-term loan with the Commercial International Bank of Egypt (CIB) worth EGP 1 bn to fund two projects, Invest-Gate reports.

MNHD’s board of directors, convening on June 3, agreed that the loan will be used to finance the development of its T-Zone and Taj City projects, a company bourse filing reveals.

According to the filing, MNHD has assigned its managing director to sign the loan agreement.

Moreover, the board discussed restructuring investment in its subsidiary, El Nasr for Utilities and Installations Company, aiming to raise its investments by nearly EGP 85 mn.

It is worth noting that the MNHD’s contracts and reservations had increased by 46% in 2017 due to sales of its projects Taj City and SARAI. Also, the company’s management is currently in talks with SODIC about a potential acquisition or merger between the two real estate developers.