Bank Audi Egypt has given its final nod to inject EGP 150 million in SODIC’s EGP 1.1 billion loan which is arranged by the Arab African International Bank (AAIB), a senior banking source told Amwal Al Ghad.
The source further stated that Bank Audi sent its approval to the AAIB last week to inject EGP 150 million to the loan requested by Six of October Development & Investment (SODIC) – (OCDI.CA). The source expects that AAIB is likely to sign the definitive loan agreement before the end of the current year.
SODIC’s loan is designated for resuming work on ‘Westown Residence’ along with ‘Forty West’ projects. Fort West project ncludes administrative buildings, corporate, and apartments and it is expected to start work on the project next November.
Meanwhile, the Egyptian Arab Land Bank (EALB) is considering pumping around 100-200 million in SODIC’s loan.