Cairo – Mubasher: Al Yosr for Projects and Real Estate Development, a fully-owned subsidiary of Six of October Development and Investment (SODIC), signed a medium-term facility of EGP 2.75 billion with the Arab African International Bank (AAIB).
The facility was inked under the Central Bank of Egypt’s (CBE) developer finance scheme, according to a press release on Monday.
The loan will be used to partially finance the development cost of SODIC’s upscale signature 265-acre project, The Estates, in West Cairo. Moreover, it comes as a testament to SODIC’s solid financial performance, strong cash flows, and liquid balance sheet.
In the first nine months (9M) of 2022, the consolidated net profits after tax of SODIC increased to EGP 438.74 million, versus EGP 346.95 million in 9M-21, including minority shareholders' rights.
