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"Arab Investment Bank" contributes EGP 250 million to syndicated loan of EGP 600 Million for Redcon Construction"

Omayma Farhat: The Bank's new strategy gives priority to corporate finance and major development projects

 

Arab Investment Bank has signed CLUB DEAL for Redcon Development Company for a total amount of EGP 600 million through a banking alliance. The share of the bank as finance agent, guarantee agent and account agent of the total financing was EGP 250 million, with the participation of the Export Development Bank of Egypt, and Housing and Development Bank with approximate shares of EGP 202 million and EGP 148 million respectively. This is for the purpose of implementing the work assigned to Redcon Construction Company from Emaar Misr Development Company in Marassi project, in the North Coast - El Alamein, for construction and finishing works, including infrastructure and road works for Phase I and Phase II.

 

The joint financing agreement was signed last week at the headquarters of Arab Investment Bank. The joint loan was signed by Mrs. Mervat Sultan, Chairman and Managing Director of the Export Development Bank of Egypt. Ms. Omayma Farhat, Chairman and Managing Director of the Arab Investment Bank and Hassan Ghanem - Deputy Chairman and Managing Director  of the Housing and Development Bank also witnessed the signing of a group of leaders of the bank and heads of sectors.

 

Omayma Farhat, Chairman and Managing Director of Arab Investment Bank, said that the signing of the agreement comes in the light of the bank's new strategy and expansion plan, which aims to give priority to the corporate credit sector, with a focus on financing various major development projects that contribute to support the government's plans to achieve Egypt's vision 2030 indicating the Bank's participation in the loan reflects confidence in Redcon's ability to execute the project professionally as a step towards real estate development in Egypt.

 

Omayma Farhat added that digital banking is underway proceeding Digital Banking from the desire our bank to expanding its leading position in the Egyptian banking market and building a banking culture in line with the technological development to satisfy the requirements of all customers by providing digital services to the bank's customers and providing a variety of services, which include providing Customer Internet Banking payment services to facilitate customer internet banking. It includes collection services for Arab Investment Bank customers (loans and credit cards) and e-wallet to facilitate electronic payment services for customers and non-bank customers to achieve the principle of financial inclusion and also digital payment services to Arab Investment Bank customers through the Internet banking and ATMs

Dated on 2019/6/23