Egypt: Madinet Masr negotiating banks for credit facilities

Official contracts will be signed upon the finalisation of the negotiations, Madinet Masr stated

Staff Writer, Mubasher

March 25, 2024

PHOTO

Cairo – Madinet Masr Housing and Development is in talks with a syndicate of banks for credit facilities to fund its commercial projects.

Official contracts will be signed upon the finalisation of the negotiations, Madinet Masr stated, according to a bourse filing.

The company was responding to media reports indicating that it is negotiating credit facilities of more than EGP 5 billion with a group of banks.

It is worth noting that Madinet Masr’s consolidated net profit after tax and non-controlling interest leapt 188.85% year-on-year (YoY) to EGP 2.12 billion in 2023 from EGP 736.73 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.