Leading real estate developer SODIC has signed a long-term syndicated facility worth EGP 4.14 bn with Banque Misr (BM) and the Commercial International Bank (CIB), Invest-Gate reports.

The facility will fund the ongoing development of SODIC’s 464-feddans project in New Zayed, home to the VYE and Karmell communities.

This project, designed to be New Zayed’s city center, will feature over 5,000 residential units alongside learning, retail, sports, leisure, and workspaces. It is set to be SODIC’s second-largest development in West Cairo, just 10 minutes from SODIC West.

Commenting on the transaction, Ayman Amer, SODIC’s General Manager, said: “It is a pleasure working again with Banque Misr and CIB, two of our longstanding partners and leading Egyptian banks. This facility’s signing is a testament to SODIC’s solid financial performance, strong cash flows, and liquid balance sheet. It also reflects the strength of our long-term relationships with Egypt’s leading banks, facilitating the company’s access to the debt market and supporting our growth endeavors.”

Mohamed El-Etreby, Chairman of Banque Misr, praised the collaboration, stating, “This fruitful partnership between Banque Misr and CIB highlights the critical role of the Egyptian banking sector in supporting the national economy. Banque Misr’s participation in this financing aligns with its leadership role in backing the real estate sector, which is pivotal to Egypt’s economy.”

Hossam El-Din Abdel Wahab, Vice Chairman of Banque Misr, added: “This financing continues our long-standing relationship with SODIC, which remains one of the most important real estate developers in the Egyptian market.”

Amr El-Ganainy, CIB’s Deputy CEO & MD, echoed similar sentiments: “It’s always a great pleasure to join forces with SODIC, a market leader in real estate. CIB has consistently supported renowned developers like SODIC.”

Soha Abou Zikry, Head of Global Corporate Relations at CIB, noted: “We are delighted to celebrate the signing of this EGP 4.14 bn facility with SODIC. This marks the 10th anniversary of our first lending transaction with SODIC, and we are proud to strengthen our relationship further.”

This agreement marks another milestone in SODIC’s growth, enhancing its leverage and allowing for continued investment in Egypt’s thriving real estate sector.