Egypt’s Palm Hills to get additional facility for The Crown

Egypt’s real estate developer Palm Hills Developments (PHD) has obtained the approval of seven banks to raise the credit facility limit for its flagship The Crown.

The project’s credit facility will reach 1.24 billion pounds, up 388 million pounds from 852 million ponds, the firm said in a statement to the Egyptian Exchange (EGX) on Monday.

The maturity date of the loan has been extended to eight years instead of six to accelerate the project’s construction works, the company added.

Palm Hills previously reported profits worth 439.9 million pounds during the six-month period ended June, versus 349.3 million pounds in the same period last year.