Cairo – September 2020 Arab African International Bank “AAIB” has signed a medium-term facility package worth EGP 2.57Bn, with SOREAL, an affiliate of SODIC, which represents an increase of around EGP 1.1 Bn added to a previous facility of EGP 1.4Bn, with the aim of financing further developments within Villette, a real estate project located in New Cairo. AAIB has undertaken the role of Senior Initial Mandated Lead Arranger “SIMLA”, Facility Underwriter, Facility Agent, Account bank & Security Agent in this transaction. It is also worth noting that this facility is geared towards financing the development of SODIC’s signature project “Villette” including the construction and finishing of Villette’s sports club. Moreover, the facility has tenor of up to seven years. "SODIC" is considered one of the leading companies in this sector and we are looking forward to more cooperation together.”Commenting on the signing Magued Sherif SODIC’s Managing Director said “Our strategic long-term relationship with AAIB was a key contributor to the conclusion of a project finance facility of this size.

Source: Egypt Today September 27, 2020 13:07 UTC