Egypt's MNHD inks $133mln syndicated loan deal

The loan will be used to finance part of the investment cost of SARAI project

  
Image used for illustrative purpose. photo for Egyptian Money In the Egyptian city of Sharm el-Sheikh, and its value has one hundred Egyptian Pound.

Image used for illustrative purpose. photo for Egyptian Money In the Egyptian city of Sharm el-Sheikh, and its value has one hundred Egyptian Pound.

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Cairo –  Madinet Nasr Housing and Development (MNHD) signed a long-term loan agreement worth EGP 2.1 billion with the National Bank of Egypt (NBE), Arab African International Bank (AAIB), and Banque Misr.

The loan will be used to finance part of the investment cost of SARAI 1 and SARAI 2 project and repay a bridge loan previously secured from AAIB to finance the construction woks at the project.

It is worth mentioning that during 2019, MNHD’s net profits slid to EGP 1 billion from EGP 1.11 billion a year earlier.

Source: Mubasher

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