PHD signs EGP 505 mn refinancing agreement with Ahli United Bank

PHD signs EGP 505 mn refinancing agreement with Ahli United Bank: Palm Hills Developments (PHD) has signed a EGP 505 mn loan agreement with Ahli United Bank Egypt to refinance some its debt, the real estate developer announced in a statement (pdf). The credit facility will replace a medium-term loan previously granted to PHD by the Arab African International Bank. It will refinance outstanding debts linked to its Palm Parks project, as well as funding the project’s updated investment cost and remaining construction work. The agreement marks PHD’s second debt refinancing agreement in little over a month after it signed a EGP 1.1 bn loan agreement with CIB in December.