Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) signed a seven-year syndicated loan agreement worth EGP 1.1 billion with the Commercial International Bank – Egypt (CIB).

The CIB acted as the mandated lead arranger, bookrunner, and facility agent, leading a consortium comprising of Arab Investment Bank, Egyptian Gulf Bank, and the United Bank, according to a bourse disclosure on Thursday.

“The facility was granted to discount part of the company’s outstanding receivables at a competitive discount rate.”

During the first six months of 2020, MNHD logged EGP 482 million in net profits, down from EGP 511 million in the corresponding period a year earlier.