Cairo – Mubasher: Sixth of October for Development and Investment Company (SODIC) on Wednesday signed a medium-term credit facility agreement worth EGP 270 million with Commercial International Bank – Egypt (CIB).

SODIC aims to use this loan to fund its project of October Plaza Compound in West Cairo, the firm added in a statement to the Egyptian Exchange (EGX).

The initial phase of the 30.9-acre compound has been offered in February 2017, SODIC highlighted.

Magued Sherif, managing director of SODIC, said that the firm has signed a memorandum of understanding (MoU) to develop 258 acres in the North Coast.

The final agreement is expected to be signed after the completion of due diligence before the end of 2017, he added.