EALB Approves to Pump EGP 100 mln for SODIC Loan

The Egyptian Arab Land Bank (EALB) has issued its final approval on pumping EGP 100 million for the loans which are arranging by the Arab African International Bank (AAIB) for SODIC Real Estate Developing Cairo which reached EGP 1.1 billion.

An official source in ELAB has informed Amwal Al Ghad that the bank has sent a final approval to the AAIB within the last week , expecting to finalize signing the loan before the end of this year.

The funding is working to complete WesTown comprises of 1.2 million m2 of land , it includes the gated residential neighborhood of Westown residences , the mixed-use neighborhood of Forty West.

ELAB is considered to be the second bank which agreed on participating in loans after the approval of Audi bank to pump EGP 150 million.

It is worth mentioning that Six of October Development & Investment (SODIC) – (OCDI) BOD has attained EGP 1.65 billion strong sales within the first half of this year.