Arab African International Bank (AAIB) has announced the signing of a medium-term loan contract with Sorel Real Estate Investment Company (that belongs to SODIC), bringing the total amount of financing to EGP 1.4bn to finance the expansion phases of the VILET project.
The bank has granted the company a loan of EGP 950m in 2014 to finance the first stages of the project, located on an area of 301 feddans.
According to Tamer Wahid, general manager of the AAIB, the total loans granted by the bank to SODIC reached EGP 4bn over the past three years to finance the group’s various projects, reflecting the long-term strategic relationship with the bank and SODIC and its ability to meet its obligations.
He added that the loan is a continuation of the role of the bank in the field of financing real estate developers. It includes the list of the largest real estate developers listed on the Egyptian Stock Exchange (EGX). The bank has the ability to find financing solutions and facilities that meet the needs of investors in all sectors. Liquidity needed to accelerate project implementation and increase investment.
According to the CEO of the AAIB, Hassan Abdulla, the 50 years’ experience of the bank in the field of investment and corporate finance has played an important role in accumulating expertise and knowledge in this field. The presence of human cadres of high degree of professionalism has fiven the bank the ability to support its customers in order to continue growing.
Abdullah added that the role of the bank is not only to provide banking services to clients in the field of real estate development, but also to provide integrated solutions, including mortgage finance and financial leasing for residential and commercial property buyers through the AAIB’s financial group.