SODIC gets EGP 1.2B credit facility from CIB to back ongoing projects

Updated 11/14/2023 2:22:00 PM
SODIC gets EGP 1.2B credit facility from CIB to back ongoing projects

Arab Finance: Sixth of October Development and Investment Company (SODIC) has signed an EGP 1.2 billion seven-year revolving credit facility with Commercial International Bank (CIB) to finance the company's ongoing operations of projects, as per an emailed press release.

The facility is supported by receivables representing future installments for the units delivered in SODIC’s projects.

It will also offer SODIC additional flexibility to monetize part of its growing receivables portfolio.

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