Palm Hills to recieve a syndicated loan of EGP 365m from AAIB, Banque Misr

Palm Hills Developments Co. has signed a medium-term loan syndicated loan 365 million Egyptian pounds with Arab African International Bank (AAIB) and Banque Misr.

The syndicated credit facility will partially finance the investment cost of Hacienda Bay, one of the real estate developer’s major projects in the North Coast.The cost includes construction, infrastructure, and administrative expenses.

PHD has fully self-financed Hacienda Bay’s previous loan and signed the new deal with better financing terms, saving the company about 2% in financing expenses when compared to the previous loan.