Palm Hills in Talks with AAIB Over EGP2.4bn Syndicated Loan

Egypt-based real estate developer Palm Hills Development announced it is in talks with the Arab African International Bank (AAIB) over a syndicated loan worth 2.4 billion Egyptian pounds.

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.

PHD and AAIB have recently signed initial terms and conditions of the loan.

Moreover, the company expected to finish all the needed internal approvals and start using the loan by the end of June 2014.