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Egypt's Medinet Nasr considers loan to speed up development
May 24, 2016 / 9:36 AM / 2 years ago

Egypt's Medinet Nasr considers loan to speed up development

CAIRO, May 24 (Reuters) - Egyptian property developer Medinet Nasr is considering a 1 billion Egyptian pound ($113 million) loan in order to speed up development at one of its plots, the company said in a statement on Tuesday.

The company reported this week that first quarter net profit had jumped 89.6 percent to 68.6 million Egyptian pounds.

The 1 billion pound loan facility would go toward accelerating “infrastructure build-out” required to begin phase one of development at its 5.5 million square meter Sarai land plot in New Cairo during the second half of 2016, the company said.

Units from the project are expected to be completed before the end of 2019, the company added.

$1 = 8.8799 Egyptian pounds Reporting by Eric Knecht; Editing by Mark Potter

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