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MDR to borrow EGP 500mn

Wednesday 02 January 2019 01:16 PM

Maadi Co. for Development and Reconstruction
Maadi Co. for Development and Reconstruction

By Mohamed Salem:
Maadi Company for Development and Reconstruction (MDR) has signed a loan agreement worth EGP 500mn to finance the first phase of Maadi View project to be implemented over an area of 136 feddans in El S Shorouk City. The project encompasses 3000 residential units.
The property developer plans to complete the project in 2022 and expects revenues EGP 5bn, according to previous statements by MDR chairman Mohamed Abdel Karim.
Sources told Al Mal newspaper that the company obtained the loan through a banking alliance made up of Arab Bank – Egypt, which acted as the agent and promoter of financing, Emirates NBD Egypt, which acted as the main arranger, and Egyptian Arab Land Bank. The share of the first two banks is EGP 200mn each while the share of the latter is EGP 100mn.
The loan duration is 7 years and will be used to launch the first phase of the project planned to be implemented in 4 phases.