Palm Hills Developments Inks EGP365 Million Medium Term Syndicated Credit Facility With AAIB And Banque Misr
Palm Hills Developments ("PHD" or "the Company"), a leading real estate developer in Egypt, announce signing a loan agreement ("the Loan") of EGP365 million with Arab African International Bank (“AAIB”) and Banque Misr. The Loan will partially finance the investment cost of Hacienda Bay, one of the Company’s flagship projects in the North Coast, which includes construction works, infrastructure and administrative expenses related to the project.
PHD already self-financed Hacienda Bay’s previous facility in full and signed the Loan with better financing terms, which results in Financing Expenses savings of c.2% when compared to the previous facility.
