SODIC’s unit inks EGP 2.75B facility with AAIB to finance The Estates

Updated 1/23/2023 12:13:00 PM
SODIC’s unit inks EGP 2.75B facility with AAIB to finance The Estates

 Arab Finance: Al Yosr for Projects and Real Estate Development, a subsidiary of Sixth of October Development and Investment Company (SODIC) (OCDI), has signed a medium-term facility worth EGP 2.75 billion with Arab African International Bank (AAIB) to partially finance “The Estates” project in West Cairo, according to a press release

The facility has been signed under the Central Bank of Egypt’s (CBE) developer finance scheme.

“This facility will allow us [SODIC] to finance the execution on our next generation projects while preserving our liquidity to pursue growth opportunities,” Omar Elhamawy, SODIC’s Chief Financial Officer, said.

Established in 1996, SODIC is a mixed-use developer listed on the EGX, with a portfolio of diversified projects across Egypt, particularly in Cairo and the North Coast.

 

Related News