A Palm Hills Development (PHD) subsidiary will borrow EGP 2.5 bn from Banque Misr and the National Bank of Egypt after signing a long-term financing agreement with the banks, NBE said in a statement (pdf) yesterday. Palm Investment and Real Estate Development will use the money to finance the company’s Palm Hills New Cairo residential development, which is being built on a 2 mn sqm plot in New Cairo. The loan is being split 50/50, with the banks lending EGP 1.25 bn each, and will be repayable over a 7.5-year period.

This new financing will enhance the financial position of the project and support the company’s plan to accelerate the pace of construction work, Tarek Tantawy, Palm Hills Development co-CEO and managing director said.

Tags: