A consortium of three banks agreed on Thursday to provide Egypt’s Madinet Nasr for Housing and Development (MNHD) a long-term syndicated loan worth a total of 2.1 billion Egyptian pounds ($135 million).
The following table demonstrates the banks’ contributions to the loan, informed banking sources told Amwal Al Ghad on Sunday.
| The bank | Contribution in Egyptian pound |
| National Bank of Egypt (NBE) | 700 million |
| Banque Misr | 700 million |
| Arab African International Bank (AAIB) | 700 million |
The loan is designed to finance part of the investment cost of Madinet Nasr’s projects; Sarai I and Sarai II, the source said.
It will also will go for repaying a former bridge loan worth around 500 million pounds given by the AAIB to finance the company’s two projects, he added.
Madinet Nasr for Housing and Development has a real estate portfolio of more than 9 million square metres, including 3.5 million square meters for its Taj City project, 5.5 million square metres for Sarai, more than 45 feddans in the Sixth of October City and El Nasr Gardens, in addition to Al Waha.
