Commercial International Bank (CIB) Egypt has signed an EGP 2.45bn bridge loan agreement with Sixth of October Development and Investment Company (SODIC), a leading real estate developer in Egypt. The facility is designated to finance construction work on SODIC's flagship "June" project, located in the prime Ras El Hekma area along Egypt's North Coast. This bridge loan constitutes the initial phase of the project's broader financing strategy, which will include a full funding model to support development costs and related expenditures. The goal is to fast-track project implementation, with unit handovers expected to begin in the second half of 2025. Spanning 280 feddans, "June" is a high-end coastal development that will feature a mix of residential villas, hotel-serviced apartments, a seafront promenade, and a beach club. The project will also host a Tribute Portfolio hotel, a brand under Marriott International, reinforcing its appeal as a luxury destination. Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, stated: "We are proud to collaborate with SODIC, one of Egypt's foremost real estate developers. This bridge loan represents the first step in financing the June project, and aligns with our strategic focus on supporting high-caliber real estate initiatives. Our partnership with SODIC reflects a shared commitment to delivering quality developments that contribute to the sector's growth." Ayman Amer, General Manager of SODIC, commented: "This facility agreement with CIB, one of Egypt's most prominent financial institutions, underscores our strong financial fundamentals and the trust we've cultivated with our banking partners. It also affirms SODIC's credibility in meeting its commitments. We look forward to continued cooperation with CIB as we expand our footprint and drive future growth." The collaboration between CIB and SODIC is expected to play a key role in shaping the next phase of high-end real estate development on Egypt's North Coast, particularly in the fast-rising Ras El Hekma area, which has seen significant investor interest.
