Cairo – Mubasher: Six of October Development and Investment (SODIC) announced that its subsidiary SOREAL has signed a medium-term credit facility agreement with the Commercial International Bank – Egypt (CIB).

The EGP 1 billion funding will be used to finance part of the investment cost needed for developing Eastown District New Cairo (EDNC), according to a statement to the Egyptian Exchange (EGX) on Sunday.

The project is SODIC’s first non-residential project in East Cairo planned to be developed to generate recurring revenues for the company.

On 23 December, SODIC announced the launch of the first phase of the 500-feddan “VYE” project in New Sheikh Zayed City, generating EGP 1 billion in sales in just two days.

It is worth mentioning that during the first nine months of 2019, the property developer’s net profit retreated to EGP 506.09 million, compared to EGP 612.9 million in the year-ago period, including minority shareholders’ rights.