Cairo, March 10, 2025- CIB, Egypt’s leading private-sector bank, has signed a 2.45 billion bridge facility with SODIC, a distinguished real estate company, to finance its upcoming project, June.
June is SODIC’s Miami inspired beachfront destination within Ras El Hekma area situated in the North Coast. Spanning 280 acres, it offers residents and visitors with access to pristine sea water, an exquisite sandy beach, a lively boardwalk and beach club, along with residential villas, and serviced apartments. June is home to the Tribute Portfolio Hotel by Marriott International, Inc.
This bridge facility is the initial stage within the comprehensive lending solution. Furthermore, it will finance the remaining development costs along with other expenses related to the project, supporting the accelerated project delivery schedule. The handover process will commence during the second half of 2025, followed by a medium-term facility that will further support the project's development.
Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member, at CIB, said, “We are pleased to partner with SODIC, a leading real estate developer. At CIB, we remain committed to supporting distinguished developers like SODIC. This bridge facility marks the initial stage in the comprehensive June project finance lending solution, demonstrating our shared dedication to fostering real estate growth and delivering high-quality developments. We greatly value our strong partnership with SODIC and look forward to continued success in future projects.”
Commenting on the signing, Ayman Amer, SODIC’s General Manager, said “Partnering with CIB, one of Egypt’s leading banks, on this strategic facility underscores SODIC’s strong financial position, robust cash flows, and healthy balance sheet. The agreement is a testament to the trust we have built with our banking partners and reflects their confidence in SODIC’s ability to consistently deliver on its commitments. We look forward to continuing our collaboration with CIB in supporting SODIC’s growth endeavors.”
The signing ceremony took place at the Four Seasons Hotel Cairo at The First Residence, in the presence of Mr. Amr El Ganainy, Deputy CEO & Executive Board Member at CIB, Mr. Ayman Amer, SODIC’s Managing Director, and senior officials from CIB & SODIC.
