Banque Misr has signed a revolving credit facility agreement worth EGP 3bn with the Sixth of October Development and Investment Company (SODIC), with a tenor of up to four years. The signing ceremony was attended by Banque Misr CEO Hesham Okasha; SODIC Managing Director Ayman Amer; and Amr Damardash, Head of Corporate Credit and Syndicated Loans at Banque Misr. The facility will provide SODIC with greater financial flexibility and the resources needed to support its ongoing operations. Okasha said the financing reflects a strong model of effective partnership between Banque Misr and Egypt's real estate sector. He noted that the bank aims to empower developers to implement high-quality projects and deliver integrated urban communities. He added that Banque Misr places particular importance on supporting real estate development companies and remains committed to backing developers to stimulate the market and expand investment opportunities, in line with the state's urban development plan under Egypt's Vision 2030. He emphasised that the financing forms part of Banque Misr's wider role in supporting the national economy, pointing out that the real estate sector is among the most influential sectors due to its links with a wide range of related industries and intermediary activities. The bank, he said, continues to finance these sectors to help generate job opportunities across multiple specialisations and contribute to national development plans in a practical way. For his part, Amer said the agreement with Banque Misr confirms the strength of SODIC's financial position, robust cash flows and solid balance sheet. "This agreement is clear evidence of the level of trust we have succeeded in building with our banking partners. It also reflects their confidence in SODIC's ability to consistently meet its obligations. We look forward to continuing our cooperation with Banque Misr to support SODIC's growth and future expansions," he said. Amer added that the facility aligns with SODIC's strategy of gradually and prudently increasing its financial leverage to enhance returns, noting that it also demonstrates the company's strong financial performance, healthy cash flows and solid liquidity position. SODIC's financial leverage remains low, with total outstanding bank debt standing at EGP 5.98bn as of 30 September. Banque Misr said it continues to provide innovative banking solutions that deliver advanced and accessible financial services. The bank aims to enhance service excellence, maintain long-term success and effectively meet customer needs, reflecting its commitment to sustainable development and Egypt's prosperity.
