Cairo – Mubasher: Madinet Masr Housing and Development is in talks with a syndicate of banks for credit facilities to fund its commercial projects.

Official contracts will be signed upon the finalisation of the negotiations, Madinet Masr stated, according to a bourse filing.

The company was responding to media reports indicating that it is negotiating credit facilities of more than EGP 5 billion with a group of banks.

It is worth noting that Madinet Masr’s consolidated net profit after tax and non-controlling interest leapt 188.85% year-on-year (YoY) to EGP 2.12 billion in 2023 from EGP 736.73 million.