CIB, AAIB studying new financing for Egypt’s Madinet Nasr Housing

Egypt’s largest listed lender, Commercial International Bank (CIB) along with the Arab African International Bank (AAIB) are considering a new financing for Madinet Nasr for Housing and Development worth 200 million Egyptian pounds ($12.6 million).

The anticipated financing will be paid over 8 years, a source with knowledge of the talks between the two banks and the Madinet Nasr for Housing, told Amwal Al Ghad on Saturday.

The two banks will hold an equal stake in Madinet Nasr for Housing’s financing, the source added.

This will be the second time CIB and AAIB to secure a financing for Madinet Nasr after taking part in a syndicated loan worth 1.9 billion pounds with the National Bank of Egypt (NBE), to finance the company’s Sarai project.