EGB, SAIB Retreat from Arranging EGP400 mln Tag Sultan Loan
The Egyptian Gulf Bank (EGB) and the Société Arabe Internationale de Banque (SAIB) have decided to back away from plans to arrange EGP 400 million loan designated to finance Madinet Nasr for Housing & Development (MNHD), well-informed banking sources have told Amwal Al Ghad on Monday.
The Sources further said the EGB and SAIB have not reached a tangible agreement with Madinet Nasr for Housing on the terms and conditions of the loan as well as the interest rates and the funding maturities.
Madinet Nasr for Housing is seeking to obtain the necessary finance to execute the first phase of its visionary Teegan Development “Tag Sultan”, the sources added.
Tag Sultan project is set to be built up on a space of 300.000 metres approximately which investments approaching one Egyptian pounds.
On a space of 3.5 million m2,Teegan development is the crown jewel of MNHD’s efforts to recreate the convenience, warmth and authenticity of an urban setting while leaving its congestion, clamor and pollution behind. The initial investment cost for Teegan Development project ranges between EGP 30-35 million.
