SODIC Secures EGP 7.5bn CIB Facility to Finance North Coast June Project
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Egyptian property developer SODIC has signed a EGP 7.5 billion facility with Commercial International Bank to finance the development and construction of its June project on the North Coast.
SODIC has signed a medium-term facility agreement worth EGP 7.5 billion with Commercial International Bank - Egypt (CIB) to finance the development and construction of its June project on the North Coast.
The financing forms part of CIB's strategy to support leading companies and value-added projects through integrated financing solutions that underpin growth and expansion plans and contribute to economic and urban development, particularly in key sectors such as real estate and tourism.
The agreement was signed by Amr El Ganainy, Deputy CEO and Executive Board Member at CIB, and Ayman Amer, General Manager of SODIC Group, in the presence of senior executives from both the bank and the company.
El Ganainy said the financing reflects the longstanding strategic partnership between CIB and SODIC and the bank's commitment to supporting the growth and expansion plans of its leading corporate clients by providing integrated financing solutions that meet the needs of their projects.