Madinet Nasr for Housing and Development (MNHD) has addressed banks to submit financing offers in order to secure EGP1.1bn-1.2bn. The financing will be used to enable infrastructure work to its 5.5mn acre land plot, Sarai. Madinet Nasr had signed a memorandum of understanding with Palm Hills Developments to develop a total area of 103.25 acres in Sarai to set up an integrated housing project, Capital Gardens. The duration of the syndicated loan is seven years, according to the sources. Financing negotiations began last September, with four banking consortia competing on the deal. The first alliance includes National Bank of Egypt (NBE) and Commercial International Bank (CIB), while the second includes Arab African International Bank (AAIB) and Arab Bank. The third consortium comprises Ahli United Bank and Banque du Caire and the fourth includes Banque Misr and Bank Audi. However, last October, Madinet Nasr said that it was analysing the four offers and it had not taken any decisions. (Al Mal)   CIB: EGP43.69 as of 06 June 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,677 million, COMI EY / COMI.CA Palm Hills: EGP2.51 as of 6 June 2016, Rating: Buy, FV: EGP3.25 per share, MCap: USD614 million, PHDC EY / PHDC.CA