Commercial International Bank – Egypt (CIB) approved to grant the Egyptian Madinet Nasr for Housing & Development (MNHD) a medium-term loan at value of EGP 550 million approximately, according to banking sources with knowledge of the deal.
CIB Egypt and MNHD are expected to sign the definitive loan agreement within days, the sources said.
Moreover, the banking sources further told Amwal Al Ghad that the loan will be directed to finance the first phase of MNHD’s Tag Sultan project, which total investments approaching EGP 1 billion. MNHD’s visionary Teegan Development ‘Tag Sultan’ project is expected to register a volume of contracted sales worth EGP 1.9 billion.
Tag Sultan project is set to be built up on a space of 300.000 metres approximately.
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.
Meanwhile, MNHD’S General Manager Ahmad Al Haitami said in an earlier statement that his firm had completed marketing of around 60% of Tag Sultan project, and the residential units will be delivered by October 2015..