The Arab-African International Bank (AAIB) on Wednesday signed a financing contract with Redcon Development Company, to provide 2.7 billion EGP to complete the second phase of the Latin Quarter project in New Alamein City.

The funding supports the bank’s awareness of the vital role played by the development and construction of new cities. This contributes to sustainable regional development and recognizes the importance of real estate finance to support the local economy.

It also ensures the development of unplanned areas, providing decent and productive employment opportunities for young people. It allows this segment to participate actively in the development of their societies, in accordance with the eleventh goal of the UN Sustainable Development Goals (SDGs).

The signing took place yesterday at AAIB headquarters in Cairo, in the presence of Sherif Elawi, CEO of the bank and vice-chairman of the board.

Elawi said the financing strengthens the bank’s leadership and long experience in providing integrated solutions to provide the funds needed for the projects to be carried out.

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