Palm Hills Developments Inks EGP1 Billion Facility Agreement With National Bank Of Egypt
Palm Hills Developments ("PHD" or "the Company") a leading real estate developer in Egypt, announce signing a facility agreement of EGP1 billion with the National Bank of Egypt, at a competitive rate through utilizing receivables from the sale of “Ready to Move” units.
Yasseen Mansour, PHD's Chairman & Group CEO commented: “I am very pleased with our collaboration with the National Bank of Egypt, in continuation of our fruitful business cooperation in the past years. This facility will allow the Company to promote the sale of Ready to Move units available across the Company's projects, which is a unique offering in the Egyptian real estate market, with payment terms up to 10 years. Sale proceeds of said units will be securitized in line with our previously adopted securitization program. Nonetheless, we reiterate that we are committed to meet the EGP1.5 billion net debt target by year end”.
