SODIC, an Egyptian real estate development company, has signed an EGP 600 million accounts receivable discounting facility with Ahli United Bank (AUB).
This discounting facility is a form of long-term financial partnership where SODIC will be provided with credit facilities from AUB, in which this amount borrowed will be returned as soon as the unpaid receivables from SODIC’s clients are received.
This will guarantee SODIC a secured liquid capital against the pending invoices, preventing any cashflow complications.
Six of October For Development & Real Estate Projects (SOREAL), a subsidiary owned by SODIC, signed this deal to facilitate SODIC’s East Cairo project Eastown Residences’s future installments for delivered units.
“This agreement comes in line with SODIC’s continuous efforts to diversify our funding sources to enable growth and support ongoing operations while maintaining the strength and liquidity of our balance sheet and financial position” said Omar Elhamawy, SODIC’s Chief Financial Officer.
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