Cairo – Mubasher: The National Bank of Egypt (NBE) and Qatar National Bank (QNB) have signed EGP 1.7 billion syndicated credit facility agreement with Redcon Construction Company, according to a statement.

The loan will be used to finance the constructions of some of Redcon’s projects, including multipurpose towers in New El Alamein, the statement added.

The primary investment cost of New El Alamein project will be financed by shareholders and a medium-term syndicated loan – each will contribute 50% to the project’s cost, Redcon announced.