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Thursday, 6 April 2017

SODIC signs EGP 1.3 bn medium term facility with AAIB

Real estate developer SODIC signed yesterday an EGP 1.3 bn medium-term facility with Arab African International Bank (AAIB), according to a statement from the company. The facility will be used in part to repay a EGP 900 mn syndicated facility previously signed in 2013 to finance the SODIC West project. The loan will also help in pushing forward the completion of several commercial, retail and medical developments within SODIC West, including the Courtyards, Forty West, The Polygon, Allegria, Westown Residences, Westown Hub, Westown Medical Centre, and the second phase of the Strip. Read the full statement from SODIC here. Pictured above: SODIC CEO Magued Sherif (right) with AAIB head of corporate banking Tamer Waheed.

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