Cairo – Mubasher: A consortium comprised of the National Bank of Egypt (NBE) and Qatar National Bank Al Ahli (QNB Al Ahli) signed a medium-term syndicated facility up to EGP 1.8 billion for Concrete Plus for Engineering and Construction.
The loan will be used to finance the contracting operations assigned to the company by New Alamein City Development Authority affiliated to the New Urban Communities Authority (NUCA) for the establishment of the first phase of a residential compound in New Alamein City, according to a statement on Sunday.
About 20% of the initial investment cost of the 700-feddan project will be financed by the syndicated loan.
The total investment cost of the project is estimated at EGP 5.932 billion.
It is noteworthy that Concrete Plus, established in March 1998, has a paid-up capital of EGP 200 million.
