Cairo – Mubasher: Palm Hills Developments Co. has signed a medium-term loan agreement worth EGP 365 million with Arab African International Bank (AAIB) and Banque Misr.

The syndicated credit facility will partially finance the investment cost of Hacienda Bay, one of the real estate developer’s major projects in the North Coast, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The cost includes construction, infrastructure, and administrative expenses.

PHD has fully self-financed Hacienda Bay’s previous loan and signed the new deal with better financing terms, saving the company about 2% in financing expenses when compared to the previous loan.  

It is worth noting that in 2019, Palm Hills achieved net profits of EGP 906.22 million, slightly down from EGP 906.86 million a year earlier, including minority shareholders’ rights.