{"id":557678,"date":"2021-09-28T04:00:42","date_gmt":"2021-09-28T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/"},"modified":"2021-09-28T04:00:42","modified_gmt":"2021-09-28T04:00:42","slug":"palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/","title":{"rendered":"Palm Hills to borrow EGP 2.5 bn for New Cairo project"},"content":{"rendered":"

<\/a> A Palm Hills Development (PHD) subsidiary will borrow EGP 2.5 bn from Banque <\/strong>Misr and the National Bank of Egypt after signing a long-term financing agreement with the banks<\/strong>, NBE said in a statement (pdf)<\/a> yesterday. Palm Investment and Real Estate Development will use the money to finance the company\u2019s Palm Hills New Cairo<\/a> 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.<\/p>\n

This new financing will enhance the financial position of the project<\/strong> and support the company\u2019s plan to accelerate the pace of construction work, Tarek Tantawy, Palm Hills Development co-CEO and managing director said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Palm Hills New Cairo residential […]<\/p>\n","protected":false},"author":1,"featured_media":557679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[576,88,72,248,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banque-misr","tag-debt-watch","tag-enterpriseam","tag-national-bank-of-egypt","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"2b0d69d2-29f8-4e99-9100-b8d7acf15dd6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/379.jpg","photo_position":"above","related_issue":[557668],"teaser":"","voice_url":""},"yoast_head":"\nPalm Hills to borrow EGP 2.5 bn for New Cairo project - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills to borrow EGP 2.5 bn for New Cairo project\" \/>\n<meta property=\"og:description\" content=\"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\u2019s Palm Hills New Cairo residential […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-28T04:00:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/379.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Palm Hills to borrow EGP 2.5 bn for New Cairo project\",\"datePublished\":\"2021-09-28T04:00:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\"},\"wordCount\":132,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/379.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banque Misr\",\"debt watch\",\"EnterpriseAM\",\"National Bank of Egypt\",\"Palm Hills Developments\",\"real estate\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/palm-hills-to-borrow-egp-2-5-bn-for-new-cairo-project\/\",\"name\":\"Palm Hills to borrow EGP 2.5 bn for New Cairo project - 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The issuance, backed by a receivables portfolio worth EGP 1.5 bn,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581654,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/palm-hills-closes-egp-638-mn-securitization\/","url_meta":{"origin":557678,"position":1},"title":"Palm Hills closes EGP 638 mn securitization","author":"enterpriseam admin","date":"19 February 2023","format":false,"excerpt":"Palm Hills Developments (PHD) has closed an EGP 638 mn securitized bond issuance, according to a joint statement (pdf) from Palm Hills and EFG Hermes, the sole financial advisor on the sale. About the issuance: The issuance\u2019s three tranches have tenors of 13, 36, and 84 months and ratings ranging\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/house-row-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610110,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/palm-hills-to-break-ground-on-egp-65-bn-development-in-mid-2024\/","url_meta":{"origin":557678,"position":2},"title":"Palm Hills to break ground on EGP 65 bn development in mid-2024","author":"enterpriseam admin","date":"15 November 2023","format":false,"excerpt":"The developer is also eyeing a EGP 5.5 bn loan to finance its Badya project","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/814.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594199,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/sarwa-capital-concludes-egp-776-mn-palm-hills-securitized-bond\/","url_meta":{"origin":557678,"position":3},"title":"Sarwa Capital concludes EGP 776 mn Palm Hills securitized bond","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Palm Hills and Sarwa Capital have closed a EGP 776 mn securitized bond backed by a portfolio of 582 delivered units at 11 of the real estate company\u2019s developments, Sarwa said in a statement (pdf). This brings Palm Hills\u2019 total issuances to EGP 2.4 bn. The bond was issued by\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544529,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/","url_meta":{"origin":557678,"position":4},"title":"Housing and Development Bank, Palm Hills report rise in net income","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021 to EGP 396 mn, according to the bank\u2019s latest earnings release (pdf). The bank reported net interest income of EGP 818 mn during the quarter, down almost 1% from 4Q 2020.In 2021: HDB reported EGP 1.8 bn in\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572674,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/palm-hills-seeks-egp-400-mn-following-debt-restructuring-to-develop-the-crown\/","url_meta":{"origin":557678,"position":5},"title":"Palm Hills seeks EGP 400 mn following debt restructuring to develop The Crown","author":"enterpriseam admin","date":"5 July 2020","format":false,"excerpt":"Palm Hills Developments is reportedly in talks with seven banks to restructure its EGP 1.24 bn debt and borrow an additional EGP 400 mn to expand its Crown development in Sixth of October, Al Shorouk reports, citing unnamed sources. 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