SODIC has signed a medium-term facility agreement worth EGP 7.5bn 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 a number of senior executives from the bank and the company.
“This financing comes as part of the longstanding strategic partnership between CIB and SODIC and reflects 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 and support the implementation of their plans,” El Ganainy said.
He added: “Financing the development and construction of the June project is an extension of the bank’s role in supporting projects with an economic impact, helping to advance SODIC’s expansion plans and support the growth of the real estate and tourism sectors as vital components of the Egyptian economy. It also contributes to strengthening the position of the North Coast in general and Ras El Hekma in particular, which are witnessing significant development as one of Egypt’s leading investment and tourism destinations, enhancing the region’s appeal to both local and international investment.”
Amer said: “Our cooperation with Commercial International Bank, one of Egypt’s largest and leading banks, on this strategic credit facility marks another milestone in our partnership, which has extended over the past several years. This agreement is clear evidence of the level of trust we have succeeded in building with our banking partners and also reflects their confidence in SODIC’s ability to consistently meet its obligations. We look forward to continuing our cooperation with CIB to support SODIC’s growth and future expansion.”
The June project spans 280 feddans and is a Miami-inspired beachfront destination strategically located in Ras El Hekma, one of the North Coast’s prime areas. It offers residents and visitors a sandy beach and clear seawater, as well as a vibrant promenade and beach club.
The development also includes residential villas and serviced apartments, in addition to a Tribute Portfolio hotel by Marriott International.
