Sodic secured an EGP 7.5 bn CIB facility to finance its June North Coast project

Our friends at Sodic have secured an EGP 7.5 bn medium-term facility from CIB to finance development and construction of its June project in Ras El Hekma, according to a statement seen by EnterpriseAM. The 280-feddan North Coast development includes villas, serviced apartments, and a Marriott Tribute Portfolio hotel.

CIB has financed June before: Sodic subsidiary Tabrouk for Development secured an EGP 2.5 bn bridge loan from the bank for the project in March 2025. The latest facility is three times the size of that earlier financing, though Sodic did not say whether the new loan replaces, refinances, or sits alongside the bridge facility.

June also forms part of Sodic’s wider North Coast hospitality push. The developer said last year that the planned 180-room Tribute Portfolio hotel at June would be part of an EGP 10 bn-plus hospitality expansion through 2029.

Governance is the curriculum

The state’s IPO pipeline just graduated its first class: Some 118 executives from 34 state-owned companies completed the first round of the Financial Regulatory Authority’s (FRA) IPO-readiness training program, with every participant passing the end-of-course exam, the regulator said in a statement. The program launched in late July as the first national initiative built specifically around the state’s privatization program.

The participants: The cohort drew from companies already temporarily listed on the EGX, others earmarked for listing in the next phase, and the State Ownership Unit. It worked through what it takes to move from temporary listing to final listing to an actual float: governance, disclosure, and the continuing obligations that kick in once a company is on the board.

Container upgrade

The Transport Ministry plans to invest c. USD 160 mn to build four new container ships in China, with manufacturing set to start in 2028 and take about four years, Asharq Business reports, citing three government officials. A final agreement is expected by the end of 2027, and the ships would be self-financed through the Holding Company for Maritime and Land Transport and its subsidiary National Navigation Company (NNC). Transport Minister Kamel El Wazir is conditioning the agreement on Chinese participation in a new ship-repair yard in Alexandria — backed by three Egyptian entities — as part of a push to localize repair and maintenance work and cut reliance on foreign yards.

REMEMBER- NNC received two dry bulk carriers from China’s New Hantong Shipyard earlier this month, bringing its fleet to 16 vessels, a step toward the ministry’s target of 40 state-owned vessels by 2030. Egypt’s wider merchant fleet stands at 142 vessels, but only 84 of them are active, with most tied up in towage, pilotage, and oil-sector work rather than international cargo transport.

IFC puts a number on Shadwan

Scatec’s 900 MW Shadwan wind farm in Ras Shukeir now carries an estimated price tag of up to USD 700 mn, according to an IFC project disclosure — a notable drop from the USD 1 bn figure cited when the company signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) last year. IFC is proposing its own USD 100 mn loan plus interest rate and cross-currency swap, with the remaining USD 560 mn coming from parallel lenders, including the EBRD’s proposed USD 192 mn senior commitment. IFC’s board is due to vote on the loan by 30 October. The PPA itself is fully guaranteed by Egypt’s Finance Ministry.

About Shadwan: The site sits on a 90 sq km plot within a wider 350 sq km area allocated to the New and Renewable Energy Authority, according to an IFC disclosure (pdf). It will house 83 wind turbine generators, connected to the grid via a 45-km, 500 kV transmission line to be built by EETC. Early work began in June 2026, with the first 242 MW planned to come online by November 2027 and the full 900 MW by April 2028.

Other news on our radar

• USD 823 mn — that’s how much the World Bank’s Multilateral Investment Guarantee Agency has grown its portfolio in Egypt between 2015 and 2025. The energy sector took the lion’s share of USD 480 mn, with USD 320 mn earmarked for the 16 Benban solar complex projects. (Al Borsa)

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