Madinet Nasr for Housing and Development (MNHD) has revealed that its Board of Directors (BoD) approved an EGP 150 mn credit facility extended by the United Bank, Invest-Gate reports.

The loan is aimed at funding MNHD’s working capital and renewing the company’s letters of indemnity, according to the bourse filing on December 10.

Additionally, the BoD signed off on a participation agreement to develop a land plot adjacent to MNHD’s flagship project in east Cairo, or “Taj City,” the statement noted.

In November, Ahmed Al Hitamy, the company’s managing director and CEO, had unveiled the launch of three new phases of Taj City and Sarai, MNHD’s other compound in east Cairo, according to a previous statement.

The move comes in partnership with Hill International, bringing the total value of the latter’s contracts with the Egyptian developer to EGP 4.5 bn, the statement underlined.