Madinet Masr secures EGP 9B financing from 7 banks
Updated 12/25/2024 12:33:00 PM
Arab Finance: Madinet Masr has secured a medium-term revolving syndicated financing worth EGP 9 billion from seven lenders, according to a press release.
Madinet Masr will use the loan to finance some of the main development phases of the Taj City and Sarai projects, which contributes to enhancing the company's financial solvency and maintaining its growing performance.
The financing consists of two tranches, the first of which is worth EGP 4 billion, allocated to the Taj City project.
Meanwhile, the second EGP 5 billion investment will finance Sarai’s multi-use project, in addition to repaying part of the existing loans to other banks.
The long-term financing extends for seven years and five months, enabling Madinet Misr to accelerate the implementation of its ambitious development plans.
The EGX-listed firm secured the loan through a banking alliance that includes a number of Egyptian and non-Egyptian banks operating in the Arab Republic.
Commercial International Bank (CIB) led the consortium as the lead arranger, finance marketer, and finance agent.
Six other major banks participated in the financing, such as FABMISR, Al Baraka Bank-Egypt, ADCB Egypt, Export Development Bank of Egypt, Housing and Development Bank, and Industrial Development Bank.
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