(MENAFN- Daily News Egypt) Saib Bank has signed a medium-term financing agreement with the Egyptian International Construction Company (EICC) to fund the“Taj Tower” project in the New Administrative Capital, with a total investment of EGP 4.8bn.

The agreement was formalized in a signing ceremony attended by key executives, including Akmal Naguib, CEO and Managing Director of saib, and Mostafa Khalil, Chairperson and Managing Director of EICC. Tarek Abdo, Deputy Managing Director for Business Sectors and Banking Operations at saib, and Amany Samir, Assistant Managing Director for Central Credit and Investment Sectors, were also present, along with other senior management members from both the bank and the company.

Naguib highlighted that the financing aligns with saib's ongoing efforts to support and develop significant real estate projects in Egypt. He emphasized that these projects, led by prominent real estate firms such as EICC, are vital for driving economic growth, creating jobs, and stimulating industries linked to real estate development.

“This agreement reflects our commitment to diversifying financing options and expanding our client base,” Naguib said.“We aim to strengthen strategic partnerships and provide innovative financing solutions that contribute to economic progress.”

He also noted that saib's expansion strategy prioritizes financing large-scale, labor-intensive projects that align with Egypt's Vision 2030 and contribute to the country's long-term development goals.

Mostafa Khalil, Chairperson and Managing Director of EICC, expressed confidence that the partnership with saib will expedite the completion of the“Taj Tower” project. He emphasized the importance of collaboration between the banking sector and construction companies to support national economic growth.

Khalil detailed that the“Taj Tower” will be a state-of-the-art commercial and administrative facility located in the heart of the New Administrative Capital, strategically positioned on Mohamed Bin Zayed North Axis, directly across from the iconic tower.

The project is set to play a pivotal role in further developing the New Capital and enhancing Egypt's real estate sector, reinforcing the nation's vision of becoming a regional hub for modern urban development.

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