Cairo – Mubasher: Palm Hills Development (PHD) said Sunday that it signed a bridge loan agreement worth EGP 100 million with Banque Misr and Arab African International Bank (AAIB).

The credit facility will go for financing the company’s project on Egypt’s northern coast, PHD said, adding that it is set to finalise procedures for signing the main loan amounting to EGP 750 million.

The Cairo-listed property developer previously reported EGP 353.3 million ($46.3 million) in net profits for the fiscal year 2014, up from EGP 238.9 million ($31.3 million) a year earlier.