The African Export-Import Bank is preparing to build an integrated complex in the administrative capital

The African Export-Import Bank (AFREXIMBANK) is planning to construct an integrated complex in Egypt's new capital, which will house its largest headquarters on the African continent.

Last Thursday, the Administrative Capital for Urban Development Company in Egypt and the African Export-Import Bank (AFREXIMBANK) signed a contract for the bank to purchase a plot of land with an area of (50 thousand square meters) to build an integrated complex that includes its main headquarters, which is the largest on the African continent, as well as a trade center, a hotel, and conference and exhibition facilities.

The African Export-Import Bank (AFREXIMBANK) is Africa's first multilateral financial institution, working closely with the African Union to grow and improve commerce inside and outside of Africa.

The bank, which has the same status as international organizations recognized in Egypt, has 7 branches around Africa, and its main headquarters in the New Administrative Capital was planned to become a Landmark icon and one of the Diplomatic Quarter's landmarks.

In addition to the bank's offices, a "African Trade Center," a hotel, conference and exposition halls, and a creativity center are planned for the bank's headquarters in the New Administrative Capital.

According to Chairman of the Board of Directors Mahmoud Hegazy, the projects primarily focus on roads and social housing, in addition to the New Administrative Capital, which has helped to increasing the company's total revenues.

In the first half of 2016, the corporation earned 5.8 billion pounds, up from 2.7 billion pounds the previous year.

The new administrative capital, Al Wasat, is believed to have generated the most revenue.

The New Administrative Capital will be home to five firms, including Hassan Allam Company, which will handle 40% of total business in the city, and Egyco Company, which will contribute 20% of total business.

Hegazy went on to say that the Egyptian Contracting Company and Al-Abd Company will do 20% of the work, while Mukhtar Ibrahim and the Misr Concrete Development Company will do 20%.

Read also: Maharah Wins SAR 3.04 Billion Project Contract

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