Sodic subsidiary signs EGP 2.57 bn medium term facility with AAIB
Sodic subsidiary Soreal Real Estate Development signed a 2.57 billion Egyptian pounds medium-term facility with the Arab African International Bank to finance Sodic’s Villette project in New Cairo, according to statement.
Villette is a 301-feddan residential project featuring single family homes, high-end apartment buildings, and a sports club managed by Sodic’s sports arm.
“In an exceptionally challenging year, the facility comes as a true testament to Sodic’s credibility as a developer as well as its consistently strong financial position and the confidence of Egypt’s leading banks in Sodic’s ability to deliver on its commitments,” said Managing Director Magued Sherif.
On the other hand, Sherif Elwy, Managing Director & Vice Chairman of Arab African International Bank stated that “AAIB is a forerunner in financing top notch real-estate developers in the Egyptian market and has notable experience in providing integrated solutions that facilitate the necessary liquidity to accelerate the implementation of mega projects, magnify investments, complements the needs of investors and real-estate developers to reach their full potential.
“SODIC” is considered one of AAIB’s success partners, as our long-term relationship indicates conformity of both entities’ visions and leverages on SODIC’s immaculate ability to implement heavy weight projects with distinctive standards in the Egyptian real estate market. We are looking forward to more cooperation and successes together.” he noted