NBE, Banque Misr Join AAIB in Arranging Palm Hills’ EGP2.6bn Loan

The National Bank of Egypt and Banque Misr decided to join the banking consortium for Palm Hills Development’s EGP 2.6 billion loan, banking sources with knowledge told Amwal Al Ghad on Sunday.

This comes after the loan arranger Arab African International Bank (AAIB) had held talks with the NBE and Banque Misr inviting the two banks to contribute to the real estate developer Palm Hills’ loan.

The loan will go for financing various projects for Palm Hills (PHDC.CA), in addition to refinancing an EGP 640 million loan from its current bank loans.

Moreover, Palm Hills announced last May that it expected to finish all the needed internal approvals and start using the loan by the end of June 2014.