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Thursday, 18 July 2019

SODIC signs agreement with CIB to raise loan size to EGP 500 mn

SODIC gets top-up on CIB loan: Real estate developer SODIC has signed an agreement with CIB to raise the limit of a medium-term facility to EGP 500 mn to speed up construction of its October Plaza and complete it ahead of schedule, the company said in a statement (pdf). “It is a pleasure to work with CIB again, one of the largest commercial banks in Egypt,” CFO Omar Elhamawy said. “Increasing the facility comes as a testament to SODIC’s credibility and strength of its financial position,” he added. SODIC had signed the agreement with CIB for a EGP 270 mn medium-term facility in September 2017 to fund the west Cairo project, whose first phase was launched earlier that year.

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