SODIC signs EGP1.57 bln credit facility with Banque Misr, AAIB

Egypt’s property developer SODIC signed on Thursday a long-term credit facility of 1.57 billion Egyptian pounds ($99.8 million) with Banque Misr and the Arab African International Bank (AAIB).

The facility aims to finance the company’s West Cairo flagship development SODIC West.

It will be used to refinance 1.1 billion pounds outstanding on the EGP1.3 billion medium-term facility signed in April 2017 and to partially finance the remaining CAPEX on our investment portfolio of leasable assets and real estate development projects in SODIC West, the company said in a statement.

AAIB and Banque Misr acted as co-lead arrangers of the facility agreement.