Madinet Nasr Housing Secures EGP530mn Loan from CIB Egypt

By Yomna Yasser On Aug 13, 2014

Egypt’s Madinet Nasr for Housing & Development (MNHD) announced Wednesday signing a loan contract worth EGP 530 million with the Commercial International Bank – Egypt (CIB).

The loan will partially finance the construction works of MNHD’s Tag Sultan projects.

Earlier in May, sources with knowledge of the deal exclusively revealed to Amwal Al Ghad’s Arabic website ongoing initial agreement between CIB and MNHD over a medium-term loan worth around EGP 550 million.

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.