The National Bank of Egypt (NBE) and QNB Al Ahly arranged a medium-term syndicated loan worth 1.8bn Egyptian pounds for Concrete Plus Engineering and Construction, The loan is for implementing a contract assigned to the company by the New Alamein City Development Authority of the New Urban Communities Authority, for the first phase of the residential compound project in the beach area of the new city of El Alamein. According to a statement issued by the two banks, this loan is an affirmation of the banks' ability to participate in arranging this special type of financing, and to meet the financing needs of various sectors of the Egyptian economy, including the construction sector, which is one of the most important economic sectors. Under its umbrella, it provides a large number of job opportunities and supports many industries and other related activities. The two banks stressed that the project is in line with the state's strategy to create new cities and urban communities, to be in accordance with the highest standards of quality and efficiency, in order to overcome Egypt's overpopulation problem, by taking advantage of the North Coast region as a new destination for residential communities as well as being an attractive area for tourism all year round. This loan is an affirmation of the banks' ability to arrange joint financing whose positive results will be reflected in the national economy and on the country's development plans in general. According to the statement, this loan represents 20% of the initial investment cost of the project, pointing out that the loan is meant to finance the first phase of a residential compound in the beach area of New Alamein, which includes drilling, backfilling, replacement, foundations of all kinds, concrete structures, buildings, and insulation for the project. The residential area has a total area of 700 feddan, where the total estimated investment cost of the project is EGP 5.9bn. It is noteworthy that Concrete Plus Engineering and Construction is a solidarity company that was established in March 1998, with the aim of establishing an engineering office, general contracting, and supplies. The paid-up capital of the company is EGP 200m. The financing contract was signed at the headquarters of the National Bank of Egypt in the presence of Yehya Aboul Fotouh, Vice Chairperson of the bank, Sherif Riad, head of bank credit and syndicated loans, Bahaa Al Shafei, head of Corporate and Investment Bankng Division at QNB AL AHLY, alongside Hossam Fekry and Tarek Youssef, the executive partners of Concrete Plus Engineering and Construction.
