Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) will repay an EGP 1 billion loan for the Commercial International Bank (CIB) to finance T-Zone in two years and nine months.
The property company will settle the loan from the project’s cash flows after the grace period ends and the completion of the project, MNHD said in a filing to the Egyptian Exchange (EGX) on Sunday.
Last Wednesday, the real estate developer had signed an EGP 1 billion financing contract with the CIB.
The board of MNHD had approved to obtain a medium-term loan worth EGP 1 billion from the CIB to finance two projects.
MNHD is developing five main projects in Cairo, including over 10,000 residential units of different designs.
