Madinet Nasr Housing is studying a loan worth EGP1bn (USD112.5mn), according to sources familiar with the matter. The loan is designated to finance infrastructure works on Madinet Nasr’s land plot of Sarai project. The works include high-voltage cables, establishing water, sanitation and electricity stations. Among the banking offers presented to Madinet Nasr was a consortium encompassing four banks: National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), and Arab African International Bank (AAIB), the sources added. Located in New Cairo, Sarai project is built on a space of 200,000 sqm, with investment cost ranging between EGP480mn and EGP700mn. (Amwal Al Ghad) CIB: EGP43.98 as of 16 May 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,715 million, COMI EY / COMI.CA
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