National Bank of Egypt (NBE), Banque Misr and Arab African International Bank (AAIB) started marketing Palm Hills Development’s EGP2.6 billion loan throughout displaying it on all banks operating in the Egyptian market in the last week.
The loan will go for financing various projects for Palm Hills (PHDC.CA), in addition to refinancing an EGP 640 million loan from its current bank loans.
An official source in one of the banks ‘credit sector said banks intend marketing finance ranging between EGP1 to 1.5 billion from the total finance.
Seven banks are considering the participation including Commercial International Bank (CIB), Blom bank, Audi bank , Egyptian Arab Land Bank(EALB) and Societe Arabe Internationale de Banque (SAIB).
Moreover, Palm Hills announced last May that it expected to finish all the needed internal approvals and start using the loan by the end of June 2014.
