Arab Investment Bank Awaits Board’s Approval To Lend SODIC

The Arab Investment Bank (AIB) awaits the approval of its board of directors over providing EGP 120 million loan to the Sixth of October Development & Investment Company (SODIC), sources said.

The bank has been studying the matter when SODIC asked for such finance last July. The three-year term loan will be used to finance one of the Company’s projects in El-Tagamu El-Khames (Fifth Settlement).

SODIC announced the launch of Westown Residence of the Westown project which is composed of 148 townhouses and twin-houses.

SODIC achieved net profit of EGP 85.102 million in the first half of the current fiscal year, compared to a net loss of EGP 120.010 in the corresponding period of the last year.