Egypt Madinet Nasr Housing unveils signing CIB’s loan deal

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Egypt’s Madinet Nasr for Housing and Development says that it has signed a loan agreement of one billion Egyptian pounds ($56 million) with Commercial International Bank (CIB), the country’s largest listed bank.

Ahmed El Hitamy, Madinet Nasr’s chief executive, announced Thursday that he has signed the loan agreement with Amr El Ganainy, CIB’s chief executive.

This loan will be directed to finance the establishment of the company’s two projects; Taj City in New Cairo and T-Zone, El Hitamy further added.

Moreover, Madinet Nasr’s board member has discussed raising investment in its unit El Nasr for Utilities and Installation Company, with about 85 million pounds.

Madinet Nasr is currently developing five major projects in Greater Cairo. These project are set to include more than 10,000 various units.

During the three months ended in March 2018, the Egyptian company has achieved profits worth 313.5 million pounds from 407.1 million pounds during the same period in 2017.