(3 minutes read)
· Arab African International Bank “AAIB” has signed a medium-term facility package worth EGP 2.57Bn, with SOREAL for financing further developments within Villette, a real estate project located in New Cairo.
· The package will infuse an added EGP 1.1 billion to the existing outlay.
Arab African International Bank “AAIB” has signed a medium-term facility package worth EGP 2.57Bn, with SOREAL, for financing further developments within Villette, a real estate project located in New Cairo. The package will infuse an added EGP 1.1 billion to the existing outlay.
AAIB has taken the role of Senior Initial Mandated Lead Arranger “SIMLA”, Facility Underwriter, Facility Agent, Account bank & Security Agent in this transaction. This facility is geared towards financing the development of SODIC’s signature project “Villette” including the construction and finishing of Villette’s sports club. The project will be completed in seven years time.
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. The signing event was held on Sunday the 20th of September and 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.
