Palm Hills Developments announced signing a medium-term loan agreement ("the Loan") for EGP 1.1 billion with Commercial International Bank Egypt ("CIB"). The facility will replace an existing syndicated medium-term loan previously granted by Arab African International Bank ("AAIB") and other banks. The Loan is segregated into Tranches A and B, with maturity of five and four years respectively, complemented by a grace period of five months. Tranche A will refinance Golf Views and Golf Extension projects by EGP 828 million and EGP 100 million due to other projects. While Tranche B will refinance the outstanding exposure of Palm Hills Katameya by EGP 171 million.