SODIC’s unit inks facility with AAIB to finance The Estates: Egypt

The facility has been signed under the Central Bank of Egypt’s (CBE) developer finance scheme

Staff Writer, Arab Finance

January 24, 2023

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Al Yosr for Projects and Real Estate Development, a subsidiary of Sixth of October Development and Investment Company (SODIC) (OCDI), has signed a medium-term facility worth EGP 2.75 billion with Arab African International Bank (AAIB) to partially finance “The Estates” project in West Cairo, according to a press release.

The facility has been signed under the Central Bank of Egypt’s (CBE) developer finance scheme.

“This facility will allow us [SODIC] to finance the execution on our next generation projects while preserving our liquidity to pursue growth opportunities,” Omar Elhamawy, SODIC’s Chief Financial Officer, said.

Established in 1996, SODIC is a mixed-use developer listed on the EGX, with a portfolio of diversified projects across Egypt, particularly in Cairo and the North Coast.

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