Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has agreed to obtain a medium-term loan of EGP 1 billion from the Commercial Bank of Egypt (CIB) to finance two projects.
The loan will be used to finance the establishment of T-Zone and the infrastructure of Taj City, MNHD said in a filing to the Egyptian Exchange (EGX) on Monday.
The company has assigned its managing director to sign the loan agreement, according to the filing.
The board of the company has also discussed raising investment in its subsidiary El Nasr for Utilities and Installation Co with around EGP 85 million.
The Egyptian real estate developer’s contracts and reservations had surged by 46% in 2017 due to sales of ‘Taj City’ and ‘SARAI’.
It is worth noting that MNHD is currently developing five main projects in Cairo that include more than 10,000 different residential units.
