SODIC’s Subsidiary inks EGP950mn Loan with AAIB

Egypt-based SODIC’s fully owned subsidiary SOREAL for Real Estate Development signed Thursday with Arab African International Bank (AAIB) a medium-term contract for EGP 950 million loan.

SODIC, added in a statement to the Egyptian Exchange (EGX) on Sunday that the loan will go for financing a part of the cost for intended project in New Cairo district on a space of 301 feddans, the company recently acquired.

The company considered this land an addition to its portfolio which will be developed to become a complete urban community, which will provide thousands of job opportunities.