Madinet Nasr for Housing and Development (MNHD) is seeking to obtain financing of EGP 1bn, through borrowing or factoring, to direct to implementing the infrastructure for its Sarai project, according to Ahmed El Hitamy, CEO of MNHD.

El Hitamy told Daily News Egypt that the company does not need the funding for the project urgently, so it has not yet determined the possibility of obtaining the loan through factoring, which will depend on the number of delivered units in Sarai project or getting financed through a banking loan.

El Hitamy pointed out that Sarai is located on an area of 5.5m sqm in New Cairo and is close to the New Administrative Capital.

Regarding the merger with or the acquisition of Sixth of October for Development and Investment (SODIC), he noted that the final form of cooperation with SODIC has not yet been determined.

He elaborated that his company aims to implement new projects in areas where MNHD does not have projects, in order to diversify its investment portfolio and meet the needs of a wide range of customers.

Also, he revealed that the company aims to implement a residential housing project on the North Coast, but he did not mention a specific location for the implementation of such a plan so far.

MNHD aims to achieve sales ranging from EGP 5.5bn to EGP 6bn in 2018, he said.

At a suhoor event on Tuesday, MNHD signed with Commercial International Bank (CIB) a EGP 1 bn medium-term loan to fund the development of infrastructure for its Taj City project.