Commercial International Bank (CIB) has signed a Medium Term Loan Agreement for EGP 530 million with Madinet Nasr for Housing & Development (MNHD), one of Egypt’s leading real estate companies, in order to finance the first phase of MNHD’s Tag Sultan project –located along the ring road and the extension of Al Thawra street.
The loan extends over the course of four and half years.
Sherine Hamed, Deputy CEO of CIB’s corporate banking group, said that the loan will be directed to finance Tag Sultan’s total investments approaching EGP 1.3 billion. She explained that Tag Sultan constitutes the first phase of the larger residence compound named “Teejan,” which extends over 3,500,000 meters. The first phase of the project was successfully launched constituting apartments built over 300,300 square meters of land, leaving a positive foot print in the real estate sector in Egypt.
Nevine Wefky, Chief Corporate Banking Officer of CIB’s corporate banking group, said that signing the contract today reflects CIB’s confidence in the ability of MNHD in finalizing its projects with the maximum professional standards and delivering it in the announced due dates. Nevine expects that the success of Tag Sultan and Tijan projects would lead the development of the real estate sector in Egypt.
Nevine emphasized CIB’s role in supporting the real estate sector in Egypt, stating that CIB finance Egypt’s largest real estate projects that provides thousands of job opportunities to the unemployed Egyptian youths and contributes to the revitalization of other industries relevant to this strategic sector.
Meanwhile, Ahmed Al Sayyed, Chairman and Managing Director of Madinet Nasr for Housing and Development, said that his organization has chosen CIB in specific for its long experience in financing real estate projects. Al Sayyed also stated that MNHD is one of the largest Egyptian companies in the housing and real estate sector that owns lands extending over EGP 10 million meters. He also added that Tag Sultan project was launched in October 2012 and up till date MNHD has successfully sold more than 70 percent of the project.
