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Tuesday, 12 July 2016

MNHD to receive offers for EGP 1.5 bn syndicated loan this week

Two banking consortiums are expected to present offers for a EGP 1.5 bn seven to eight-year syndicated loan this week to Madinat Nasr for Housing and Development (MNHD), a banking source tells Amwal Al Ghad. The loan will be used for developing projects with Palm Hills and developing Taj City project, both on Cairo-Suez road, in addition to financing operations for MNHD, the source said. NBE, CIB and the Arab African International Bank will constitute the first consortium, with the possibility of more banks to join, while Banque Misr, Banque Audi (Egypt), Emirates NBD (Egypt), the Egyptian Gulf Bank and the National Bank of Kuwait will comprise the other. We had noted last month that MNHD was in talks with four banking consortiums for the loan, which was then estimated at EGP 1.1-1.3 bn.

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