Egypt’s Madinet Nasr reviews banking offers for $112.5 mln loan

Egypt’s Madinet Nasr Housing is studying some banking offers to receive a loan worth one billion Egyptian pounds (US$ 112.5 million), sources familiar with the matter told Amwal Al Ghad on Monday.

The loan is designated to finance infrastructure works on Madinet Nasr’s land plot of Sarai project. The works include high-voltage cables, establishing water, sanitation, and electricity stations.

Among the banking offers presented to Madinet Nasr was a consortium encompassing four lenders, namely, the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), and Arab African International Bank (AAIB), the sources added.

In August 2014, CIB and Madinet Nasr signed a loan agreement worth 530 million pounds dedicated to finance part of the investment cost of Tag Sultan project.

Located in New Cairo, Sarai project is built on a space of 200,000 metres square, with investment cost ranging between 480 and 700 million pounds.