Madinet Nasr for Housing and Development (MNHD) has secured an EGP 2.1 bn syndicated loan from three Egypt-based banks in funding for some of the developer’s projects in New Cairo, Invest-Gate reports.
The facility, which is extended by the National Bank of Egypt (NBE), Arab African International Bank (AAIB), and Banque Misr, will finance part of the investment cost of MNHD’s developments, Sarai I and Sarai II, while paying an existing loan earlier secured from the AAIB, the developer recently announced.
In late 2019, MNHD concluded a contract with AAIB to obtain an EGP 300 mn short-term loan. The deal is aimed at financing the construction of its New Cairo mixed-use development, Sarai.
During the same year, the EGX-listed real estate company also approved an EGP 150 mn credit facility extended by the United Bank, according to a previous bourse filing.
