The board of directors at Bank of Alexandria Sanpaolo will approve in the next meeting LE 350 million in financing for Six of October Development and Investment Company (SODIC) before signing final contracts, Al-Mal reported.

 

SODIC announced earlier this year that it is looking to secure LE 1 billion to finance its main projects in Cairo during next 30 months. The firm has liquidity of LE 1.5 billion and cash flows range from 60 million to 70 million monthly.

Al-Mal cited sources in Misr Banque saying that the bank approved to give SODIC LE 350 million for five years.