The Arab African International Bank (AAIB) signed a financing contract with the Redcon Development Company, on Wednesday, to provide EGP 2.7bn to complete the second phase of New Alamein Citys 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 UNs sustainable development goals (SDGs).

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

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

2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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