The International Commercial Bank lends Madinet Nasr Housing $74m loan

Madinet Nasr housing
One of the Madinet Nasr housing projects in Egypt: the Teegan Development has the capacity to recreate an urban by creating the convenience and removing congestion and pollution

The International Commercial Bank (CIB) announced this week that it had signed a loan of USD 74 Millions with Madinet Nasr for Housing & Development (MNHD) to finance the “Tag Sultan” project in Egypt.

The value of the loan will be channeled to finance part of the investment cost to develop Tag Sultan, which is valued about 1.3 billion pounds. The project is located on the ring road and along the Thawra Street. The loan term will extend to 4.5 years to finance the first phase of the project “Tegaan” (Tag Sultan).

Tag Sultan project will occupy a space of 300.000 metres, an approximate of 3.5 million square metres of the Teegan Development space.

Teegan Development will be very pertinent to MNHD’s efforts to recreate an urban by creating the convenience, warmth and authenticity without congestion, clamor and pollution.
Madinet Nasr for Housing & Development (MNHD) is a company dealing in real estate development. The International Commercial Bank (CIB) is a financial institution that offers a range of financial services.

These include asset and liability products, securitization, direct investing, wealth management and treasury. These are provided to enterprises, other institutions, households and high net worth individuals.

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