NBE, QNB secure EGP 1.7bn loan to Redcon for Alamein project

The National Bank of Egypt (NBE) and Qatar National Bank (QNB) have signed 1.7 billion Egyptian pounds syndicated loan agreement in favour of Redcon Construction Company.

The loan will be used to finance the constructions of some of Redcon’s projects, including multipurpose towers in New El Alamein.

The project is with initial cost of 3.4 billion Egyptian pounds, according to Redcon .

The primary investment cost of New El Alamein project will be financed by shareholders and a medium-term syndicated loan – each will contribute 50 percent to the project’s cost, Redcon announced.