Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has signed the final contract with the Arab African International Bank (AAIB) to obtain a short-term loan worth EGP 300 million.
The loan targets financing Sarai New Cairo project, according to MNHD’s statement to the Egyptian Exchange (EGX) on Wednesday.
Last June, the Egyptian real estate firm denied the news published over its intention to borrow EGP 1.4 billion.
It is worth to mention that in the first quarter of 2019, MNHD posted a net profit of EGP 35.48 million, compared to EGP 33.53 million in the corresponding period last year.
