Sun, 27 Sep 2020 - 01:08 GMT
Arab African International Bank and SODIC Sign EGP 2.57 Billion Medium-Term Facility Package to Finance Villette Project
Cairo – September 2020 Arab African International Bank “AAIB” has signed a medium-term facility package worth EGP 2.57Bn, with SOREAL, an affiliate of SODIC, which represents an increase of around EGP 1.1 Bn added to a previous facility of EGP 1.4Bn, with the aim of financing further developments within Villette, a real estate project located in New Cairo.
AAIB has undertaken the role of Senior Initial Mandated Lead Arranger “SIMLA”, Facility Underwriter, Facility Agent, Account bank & Security Agent in this transaction. It is also worth noting that this facility is geared towards financing the development of SODIC’s signature project “Villette” including the construction and finishing of Villette’s sports club. Moreover, the facility has tenor of up to seven years.
This facility with AAIB is a testament to SODIC's credibility as one of Egypt’s largest real estate developers, highlighting the strength of its financial position, and confirming the confidence that leading Egyptian banks place in SODIC's ability to fulfill its obligations seamlessly.
Sherif Elwy, Managing Director & Vice Chairman of Arab African International Bank stated that “AAIB” is a forerunner in financing top notch real-estate developers in the Egyptian market and has notable experience in providing integrated solutions that facilitate the necessary liquidity to accelerate the implementation of mega projects, magnify investments, complement the needs of investors and real-estate developers to reach their full potential. "SODIC" is considered one of the leading companies in this sector and we are looking forward to more cooperation together.”
Commenting on the signing Magued Sherif SODIC’s Managing Director said “Our strategic long-term relationship with AAIB was a key contributor to the conclusion of a project finance facility of this size. 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.”
The signing event, held on Sunday the 20th of September, was attended by representatives of the two parties in the presence of Sherif Elwy, AAIB’s Managing Director & Vice Chairman, Magued Sherif, SODIC’s Managing Director, “Matouk Bassiouny & Henawy” and “White & Case” as the legal advisors of both entities.