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.