Egypt’s Redcon gets an EGP 2.7bn loan from AAIB to complete project at New Alamein

The Arab African International Bank (AAIB) signed on Thursday a contract with Redcon Development Company to provide a loan worth 2.7 billion Egyptian pounds ($172 million) to complete the second phase of New Alamein City’s Latin Quarter project.

The financing supports the bank’s realisation of the vital role played by developing and constructing new cities. This helps achieve sustainable regional development, and recognises the importance of real estate financing in supporting the local economy.

This also ensures the development of unplanned areas, providing decent and productive job opportunities for young people. It allows this segment to actively participate in the development of their societies, in line with the eleventh goal of the UN’s sustainable development goals (SDGs).

The signing took place yesterday at the AAIB’s headquarters in Cairo, in the presence of Sherif Elawi, the bank’s Managing Director and Vice-Chairperson of the Board of Directors.

Elawi said that the financing enhances the bank’s leadership and its long-standing experience in providing integrated solutions to provide the necessary funds to complete projects.