Egypt's Madinet Nasr for Housing and Development secures $134.9mln loan

Loan will finance part of the investment cost of MNHD's project Sarai 1 and Sarai 2

  
Construction site of Madinet Nasr Housing and Development's (MNHD) Sarai mixed-use project near Cairo

Construction site of Madinet Nasr Housing and Development's (MNHD) Sarai mixed-use project near Cairo

Marwa Abo Almajd/Thomson Reuters Projects

Madinet Nasr for Housing and Development (MNHD) has signed a 2.1 billion Egyptian pounds ($134.93 million) syndicated loan with three banks.

The loan will finance part of the investment cost of MNHD’s projects, Sarai 1 and Sarai 2, and pay an existing loan secured previously by the company from Arab African International Bank.

The Egyptian real estate development company, listed on the bourse, said in a statement that the loan was signed with National Bank of Egypt, Arab African International Bank and Banque Misr.

(Writing by Gerard Aoun, editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#EGYPT #MADINETNASR #FINANCIALSERIVICES

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