Egyptian real estate company Madinat Nasr is considering a $113m loan, according to a company statement.

The statement adds that the loan will be used to “speed up the development of existing projects”.

The company did not reveal details of potential banks but sources close to the deal told MEED that it will be processed by a local bank

The facility is also understood to be used to accelerate “infrastructure build-out” required to begin phase one of development at its 5.5 million square metre Sarai land plot in New Cairo during the second half of 2016, the company said.

The company reported this week that first quarter net profits increased by 89.6 per cent to EG68.6m.

MEED also recently reported that Egyptian property developer Rooya Group is planning to list some of its shares on the Egyptian Stock Exchange (EGX) by the end of the year.

Local analysts have told MEED that Egyptian developers will be looking at ways to raise more capital as companies look to press ahead with previously stalled schemes.