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PHD board approves EGP2.4bn loan talks

Palm Hills Developments (PHDC), Egypt’s second-biggest property developer, has said its board of directors has approved the company’s plans to negotiate and obtain a EGP2.4bn syndicated loan from Arab African International Bank (AAIB) and other lenders, Arab Finance has reported. The board appointed board members to negotiate with AAIB along with the other banks to obtain a medium term syndicated loan, the developer said.