Cairo – Mubasher: Palm Hills Development (PHD) on Sunday announced concluding its negotiations with lending banks to reduce the applied interest rates on the firm’s existing debts.
The applied interest rate on the syndicated medium-term loan of EGP 2.4 billion and the syndicated medium-term loan of EGP 750 million will be lowered from 3.25% to 1.75%, and from 2.9% to 1.9%, respectively, over the corridor lending rate.
Therefore, Palm Hills expects saving EGP 100 million to spend on financing costs.
