PROJECTS: Egypt’s SODIC signs $163mln loan agreement with AAIB

  • Date: 21-Sep-2020
  • Source: Zawya
  • Sector:Real Estate
  • Country:Egypt
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PROJECTS: Egypt’s SODIC signs $163mln loan agreement with AAIB

Egyptian developer SODIC announced on Sunday that its fully-owned subsidiary Sixth of October Development & Real Estate Projects (SOREL) has inked a medium-term facility with the Arab African International Bank (AAIB) for an amount of 2.57 billion Egyptian Pounds ($163.5 million).The funds would be used complete the construction work of Villette residential project in New Cairo, the developer said in a stock exchange statement.SODIC has delivered nearly 600 units, having begun delivery of the first phases in 2018, the statement said.Launched in 2014, the 301-acre project comprises of single family homes and apartment buildings, the statement noted.(1 US Dollar = 15.72 Egyptian Pounds)(Writing by Syed Ameen Kader; Editing by Anoop Menon)([email protected])Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or