Bank of Egypt and National Bank to fund Palm Hills with 8 billion pounds

Egyptian Bank of Egypt and the National Bank of Egypt signed a joint financing agreement worth 8 billion Egyptian pounds to support the "Palm Hills New Cairo" project, which is being established on approximately 500 feddans east of Cairo. The financing aims to cover part of the project's costs and accelerate construction work, in light of the continued increasing demand for its residential and commercial units. Each bank is participating with a share of 4 billion pounds, with Bank of Egypt serving as the senior lead arranger and financing marketer, while the National Bank of Egypt took a similar role along with the collateral agent and other banks handling accounts. This initiative comes within the framework of supporting major real estate projects and enhancing employment opportunities, and is expected to contribute to the early delivery of units ahead of schedule, in accordance with the highest quality standards.

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