Palm Hills Developments Inks EGP 505 Million Credit Facility to Refinance Some of Its Existing Debt
January 21, 2020 at 08:54 am EST
Palm Hills Developments announced signing a loan agreement ("the Loan") of EGP505 million with Ahli United Bank Egypt ("AUB"). The new facility will replace the existing medium-term loan previously granted by Arab African International Bank. The Loan will refinance outstanding balance of the existing facility on Palm Parks project, in addition to funding the project's updated investment cost and remaining construction works to speed up the project's completion. PHD received a competitive financing schemes from AUB, compared to the terms and conditions of the existing credit facility.