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Egypt’s Madinet Nasr for Housing and Development signed on Thursday a syndicated loan deal worth 1.1 billion Egyptian pounds ($69.4 million) with Commercial International Bank (CIB), the country’s largest listed bank.
CIB acted as the mandated lead arranger, bookrunner, and facility agent, leading a consortium comprising of Arab Investment Bank, Egyptian Gulf Bank, and the United Bank.
The facility was granted to discount part of the state-owned company’s outstanding receivables at a competitive discount rate.
