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)

(anoop.menon@refinitiv.com)

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