The Madinet Nasr Housing & Development Company (MNHD), Egypt’s leading urban developer, signed a seven-year syndicated long-term agreement, on Wednesday, with the Commercial International Bank – Egypt (CIB).
The agreement, worth a total of EGP 1bn, will see CIB act as the Mandated Lead Arranger, Book Runner and Facility Agent. They will do so alongside other lending banks, namely the Arab Investment Bank (AIB), Egyptian Gulf Bank (EG Bank) and United Bank.
The facility was granted to discount part of the company’s outstanding receivables at a competitive discount rate.
