The Arab-African International Bank and SODIC sign a LE 2.57B medium-term facility package to finance the Villette project
The Arab-African International Bank and SODIC sign a set of medium-term facilities of EGP 2.57 billion to finance the Villette project
Cairo – September 2020 The International Arab African Bank “AAIB” signed a medium term facility package worth EGP 2.57 billion, with SOREAL, a subsidiary of SODIC, which represents an increase of ‘approximately EGP 1.1 billion added to a previous EGP 1.4 billion facility, with the aim of financing new developments within Villette, a real estate project located in New Cairo.
AAIB assumed the role of principal principal arranger, principal “SIMLA”, underwriter of facility, agent of facility, bank of account and security agent in this transaction. It should also be noted that this facility is intended to finance the development of the SODIC “Villette” signature project including the construction and finishing of the Villette sports club. In addition, the installation lasts for up to seven years.
This facility with AAIB testifies to the credibility of SODIC as one of the largest real estate developers in Egypt, underlining the strength of its financial position and confirming the confidence that the main Egyptian banks place in the capacity of SODIC to fulfill its obligations in a transparent manner.
Sherif Elwy, Managing Director and Vice President of Arab African International Bank, said that “AAIB” is a pioneer in financing top-notch real estate developers in the Egyptian market and has notable experience in providing integrated solutions. that facilitate the cash flow needed to speed up implementation. megaprojects, magnify investments, complement the needs of investors and real estate developers to reach their full potential. “SODIC” is considered one of the leading companies in this sector and we are looking forward to further cooperation together. “
Commenting on the signing, the Managing Director of Magued Sherif SODIC said: “Our long term strategic relationship with AAIB has been a key contributor to the conclusion of a project finance facility of this size. During an exceptionally difficult year, the facility is a real testament to the credibility of SODIC as a developer as well as its still solid financial position and the confidence of the main Egyptian banks in the ability of SODIC to hold its own. commitments.
The signing, which took place on Sunday, September 20, took place in the presence of representatives of the two parties in the presence of Sherif Elwy, general manager and vice-president of the AAIB, Magued Sherif, general manager of SODIC, “Matouk Bassiouny & Henawy” and “White & Case” as legal advisers to the two entities.