Palm Hills seeking $342.m facility to finance projects, loans

May 6, 2014 11:03 am

Palm Hills, Egypt’s second-biggest listed property developer, has announced it is in talks with the Arab African Bank over a EGP2.4bn ($342.49m) loan, which it will use to finance projects and refinance some loans, Reuters has reported. The luxury real estate developer said that in addition to financing various projects, the loan would also be used to refinance around EGP640m from its current bank loans. “We expect to complete final internal approvals and to start using the loan by the end of June,” Palm Hills said.