Cairo – Mubasher: Six of October Development and Investment (SODIC) has announced a long-term syndicated facility with the amount of EGP 4.14 billion with Banque Misr and the Commercial International Bank-Egypt (CIB).
SODIC will use the loan to finance the development of its 464-acre project in New Zayed along with other expenses related to the project, according to a press release.
Ayman Amer, General Manager of SODIC, said: “The signing of this facility comes as a testament to SODIC’s solid financial performance, strong cash flows, and liquid balance sheet as well as the strength of SODIC’s long-term relationships with Egypt's leading banks, facilitating the company’s access to the debt market, and supporting SODIC’s growth endeavours.”
Mohamed El-Etreby, Chairman of Banque Misr, highlighted the vital role of the Egyptian banking sector in supporting the national economy.
El-Etreby continued: “The bank is committed to financing these sectors to create more job opportunities in various specializations, thereby effectively supporting development plans.”
Hossam El-Din Abdel Wahab, Vice Chairman of Banque Misr, emphasised that the financing continues the long-standing relationship with SODIC and its investments in Egypt.
The project is expected to include more than 5,000 units on 464 acres, making it the company’s second-largest project in West Cairo.
Amr El-Ganainy, CEO and Managing Director of CIB, said: “The collaboration of two leading banks in the Egyptian banking sector such as CIB and Banque Misr in this new syndicated facility also comes in line with the governmental urbanisation strategy in Egypt which provides support to one of the main pillars in the Egyptian economy.”
In the first half (H1) of 2024, SODIC recorded higher consolidated net profit at EGP 629.56 million, compared to EGP 341.71 million in H1-23.
