SODIC Inks EGP300 million Loan Contract with CIB

Egyptian property developer, Six of October Development & Investment (SODIC) (OCDI.CA) signed Wednesday an EGP 300 million loan contract with Commercial International Bank (CIB), the firm said in a statement to the stock exchange.

The company added that it will use part of the loan to pay the rest of Solidere Egypt, settlement regarding a land plot in Sheikh Zayed.

SODIC will use the rest of the loan to finance any deficit in cash flows for the development of the land plot.