PHD looking to borrow EGP 852 mn from Egyptian banks

Palm Hills Developments (PHD) says it is looking to borrow EGP 852 mn to finance a number of projects, according to a regulatory disclosure. PHD denied it has already reached a final loan agreement with National Bank of Egypt and National Bank of Abu Dhabi-Egypt for the funding and that it is still in talks with a number of banks to find the most suitable financing opportunity.