Egypt’s real estate developer, Palm Hills Developments (PHD), signs a syndicated medium term loan agreement worth EGP 852 mn with the aim of partially financing the recently-acquired 190 feddans in West Cairo, Invest-Gate reports.

The loan is jointly provided by the National Bank of Egypt (NBE) and the National Bank of Abu Dhabi (NBAD), at an interest rate of 1.5% above the current corridor rate with a tenor of 8.5 years, from the date of disbursement.

PHD has successfully concluded the first transaction during the first quarter of 2017 with net proceeds of EGP 404 mn, and expects to finalize the second transaction within this quarter.

Moreover, the loan will be directed towards partially financing the project, which PHD is planning to launch during the second quarter of 2017.