Sodic subsidiary signs EGP 2.57 bn medium term facility with AAIB

DEBT WATCH- Sodic subsidiary signs EGP 2.57 bn medium term facility with AAIB: Sodic subsidiary Soreal Real Estate Development signed a EGP 2.57 bn medium-term facility with the Arab African International Bank to finance Sodic’s Villette project in New Cairo, according to an emailed statement (pdf). Villette is a 301-feddan residential project featuring single family homes, high-end apartment buildings, and a sports club managed by Sodic’s sports arm. “In an exceptionally challenging year, the facility comes as a true testament to Sodic’s credibility as a developer as well as its consistently strong financial position and the confidence of Egypt’s leading banks in Sodic’s ability to deliver on its commitments,” said Managing Director Magued Sherif.