First Design secures EGP 5.2B loan for new project in TMG’s Madinaty

Updated 7/14/2024 6:26:00 AM
First Design secures EGP 5.2B loan for new project in TMG’s Madinaty

Arab Finance: An Egyptian banking consortium has signed a five-year financing agreement worth EGP 5.2 billion with the real estate developer First Design to develop residential, commercial, and administrative units on 170,000 square meters in Talaat Mostafa Group’s (TMG) Madinaty project, two sources told Asharq Business.

The consortium includes the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, United Bank, Egyptian Gulf Bank (EG Bank), and Export Development Bank of Egypt (EBank), the sources added.

First Design was established in August 2020, with contributions from the NBE and Banque Misr, to develop projects in both TMG’s Madinaty and Al Rehab.

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