SODIC Says to Sign EGP1.1 bln Definitive Loan Deal at November-End

Six of October Development & Investment SODIC – (OCDI.CA), the leading Egyptian real estate developer, said it will be signing the final loan agreement worth EGP 1.1 billion by the end of the month. SODIC’s loan is arranged by the Arab African International Bank (AAIB).

A senior source from SODIC told Amwal Al Ghad that Bank Audi Egypt will contribute with EGP 150 million to the loan; while Egyptian Arab Land Bank (EALB)’s contribution is agreed to be up to EGP 100 million.

The source further said SODIC had recently obtained a bridge loan at value of EGP 150 million from the Arab African International Bank (AAIB).

SODIC’s loan is designated for resuming works on ‘Westown Residence’ along with ‘Forty West’ projects. Fort West project includes administrative buildings, corporate, and apartments.