Palm Hills Development has signed a medium-term facility with by the Commercial International Bank – Egypt (CIB) worth $1.1 billion with 4-5 years maturity, Amr El Ganainy said.
The Chief Executive Officer, Institutional Banking added that the facility will be used to repay a syndicated loan provided by the Arab African International Bank (AAIB), alongside other banks.
It is noteworthy that during the first nine months of 2019, the real estate developer posted a net profit of 544.3 million pounds, down from 640.2 million pounds a year earlier, including minority shareholders’ rights.
He further noted that his bank captures 22 percent of the total value of loans granted to real estate developers registering 10 billion Egyptian pounds. While, CIB seeks to increase the real estate development loans portfolio to 26 percent by the end of 2020.