HDD BoD approves EGP 1.2 bn loan offer from gov’t bank

State-owned Heliopolis Housing and Development’s (HDD) board of directors approved on Wednesday an offer from an unnamed government bank for a EGP 1.2 bn long-term loan, according to an EGX disclosure (pdf). The company will use the funds to finance utility and infrastructure works at its New Heliopolis project, and cover interest expenses for other shorter-term loans.