30th of June .. Executes Egypt’s prosperous future with successful economic, political and social reform programs

30/06/2024

Ashraf El Kady, Chief Executive Officer and Managing Director,The United Bank;

30th of June .. Executes Egypt’s prosperous future with successful economic, political and social reform programs

 

• Encourage the private sector for sustainable growth is among the state organizational framework.

• Rebuild a productive culture, increase the local ingredient and improve its quality to launch competitive national industries, maximize exports volume and seek more markets for national products.

• Reduce the demand for foreign currencies to reduce trade deficit, bills of imports, and increase exports.

• Restructure of the economic map of the state and build new economic allies.

• Join Brics bloc to expand the range of Egyptian services and products. Especially, in the starting companies.

• UB has a wide range of distinctive solutions, services, and products that meet the clients’ needs in finance SMEs and consume national products.

 

Cairo: 30th June 2024

 

Egyptians citizens have written new chapter in their country’s history with their unprecedented abilities. Egyptians were capable of achieving huge and tangible accomplishments on real life. These accomplishments effectively contributed in setting the pillars of the new state.

 

Commenting on this special occasion, Ashraf El Kady- Chief Executive Officer and Managing Director, The United Bank; said that a range of accomplishments made by the Egyptian government, The Central Bank of Egypt, and with the participation of the Egyptian banks. These accomplishments contributed to achieving a big part of the economic reform plans, maintaining the state’s gains, encouraging the increase of investments in private sector in all promising economic fields, and urging the growth with an ascending pattern.

 

A range of fast and consecutive accomplishments: huge national projects in vital fields reflected on the life style of the citizen in many fields like industry, trade, water desalination. As well as, establishing, developing and improving the efficiency of hundreds of water stations in different regions of the country. In addition to developing infra structure, building bridges, roads, and tunnels. Seeking self- sufficiency in most of the fields. Furthermore, developing the educational system, scientific research, health, housing, and packages of social security for the low- income and middle- income Egyptian citizens. 

 

El Kady emphasized that the axis of sustainable economic development is regarded as one of the most important files led by the Egyptian state, organizations, and CBE to achieve planned and integrated reform processes. Aiming to increase development rates, and achieve the highest rates of self- sufficiency of most services and commodities. Which is reflected directly on the citizen’s life and achieve Egypt vision 2030.

 

Egypt joining the BRICS bloc: 

El Kady praised the Egyptian state approach towards opening new horizons for economic growth amid the global economic challenges. Thus, the global increase in inflation rates- slowing down rates of global economic growth- instability in energy prices. In addition, food crisis, supply chains, and climate changes are all disasters that negatively affect economic and social development rates. Withdrawal of capitals from starting markets. Furthermore, global political tensions have reflected in huge slowdown in achieving social equity for people in starting and growing markets.

 

In addition, local challenges that pushed Egypt towards opening new horizons, channels and markets to accomplish sustainable social and economic growth: gap in finance especially green finance. As well as, increasing the prices of basic commodities, services, inflation, external debt, and treatment of trade deficit.

 

Ashraf El Kady pointed out that UB is a financial institution that works as per a national agenda. Which believes in the importance of its role in social, economic, health, cultural, and educational levels towards the new state.

 

1- UB contributed with a number of banks invest in development works for many of Egypt’s ports. Like: Abou keer port, and Ain Sokhna port. These works included maintenance works, deepening and developing marine platforms to maximize its capacity to serve international and local trade.

 

2- UB worked on creating distinctive investment opportunities for SMEs sector. Especially with the private sector. It provided large economic and investment incentives in this sector. As been regarded one of the important pillars to develop the society and build a productive industrial effective Egyptian base , under the slogan “Made in Egypt”.

Wherein the UB signed a package of agreements with the Medium, Small, and Micro Development Agency MSMDA, to provide an integrated range of innovative and specialized finance solutions. As well as, a package of high- quality digital services via the 68 UB branches all over the Republic. In addition to an agreement with the Federation of Egyptian Chambers of Commerce FEDCOC, which contributes to building a new creative productive culture, increasing the local ingredient, improving its quality to set off the national industries, maximizing the volume of Egyptian exports, and replacing imports in different fields.

3- UB participated in many specialized projects in the field of agricultural development and industry, aiming to achieve self- sufficiency in the basic goods, like the Canal Company for Sugar, with its target not just to accomplish self-sufficiency but also export abroad in next levels of production.

 

4- UB exerted huge efforts in supporting young Egyptian minds’ innovation and discoveries in all fields. Especially those who work on figuring out solutions for economic issues, and maximizing local production in important economic sectors. The thing that contributes to increasing Egyptian exports volume, which is through the initiative “Nile Pioneers”. In addition to supporting entrepreneurships, start- ups, and value chain development programs in the field of textile, and furniture.

Along the five years of Nile Pioneers initiative led by CBE, UB made exceptional efforts to support entrepreneurs. UB provided a number 10910 of non- financial technical services, benefitting a number of 3021 entrepreneurs and companies. Many of these services were about developing ideas, assistance in setting feasibility studies, filing credit profiles, getting licenses, and support the digital transformation for the companies already exist. UB has provided a financial support and non- financial support for a number of 477 entrepreneurs. That is through three business development centers in El Menia, Dakhahlia, and Giza. In addition to 68UB branches to serve entrepreneurships, start- ups and small enterprises and provide banking and technical support to qualify them to play their vital economic and social roles, in order to increase rates of integrated development as per Egypt vision 2030.

 

UB launched a developing program for textile and ready- to- wear sector in the framework of Nile Pioneers initiative. The program aims to raise the efficiency of the operating companies in the sector in management, quality control, expenses control, improving filing systems for production lines. Through this program, a number of 390 persons in 24 companies were trained. As well as, focusing on start- ups, and innovative Egyptian ideas, especially the youth.

 

Preceded by a specialized program for settling furniture industry, improving the efficiency of production and quality, and increase its compatibility in local and international markets. The program assisted a number of 33 Egyptian companies, and lasted for 10 months. The thing that reflected in increasing the volume of sales to reach more than 200 million L.E. through that period.

 

5- UB provided technical and banking support for a number of SMEs in new industrial cities, like New Damietta, and in many southern governorates, like in El Menia, and Beni Suef. Aiming to increase the development rates and provide more job opportunities, raising the quality of the Egyptian product and its compatibility on a global level. Under the slogan of “Made in Egypt”. UB got a head start to finance the first Egyptian car operating with electricity in El Menia.

 

6- UB made well use of Fin Tech applications, as innovative tools to contribute eliminating issues of economic instability. That is through CBE initiatives that works on re- effectiveness and competitiveness of national industry to operate and reproduce repeatedly.

 

 

7- UB launched and developed digital banking solutions to serve and facilitate e- trade. Which contributes in achieving integrated development, and increasing trade movements. Especially for micro finance sector. That is through providing finance solutions supported by digital services. Like getting micro finance through UB Digital Wallet, and the ability to pay instalments via the digital wallet.  Aiming to eliminate many social and economic issues. Such as unemployment, and poverty. Furthermore, its vital role to blend informal economy with formal one. Consequently, improving the life style of the citizen.

 

8- In parallelism with the New State launch Hayah Karema “Decent Life”, UB participated in developing a number of slums and transferring them into safe housing and suitable environment for life foe the Egyptian citizen. Like developing El Asmarat region.

UB also developed the village of Nag El Gosour and Nag Sayedna in Luxor. That was after developing Khorshid village. Wherein tens of houses were rebuilt and developed, empowering residents of the village economically in the Nag El Gosour through providing fishing boats. As well as, establishing a water desalination station in Nag Sayedna village.

9- In the educational sector, UB participated in establishing ideal school in the framework of the initiative of the Federation of Egyptian Banks. In addition, to raising the effectiveness of many schools in Southern Sinai. Aiming to maintain the Egyptian identity and qualify the graduates to be well educated, and capable of combating poverty. As well as, providing many scholarships that contribute in supporting distinctive students in the most recognizable Egyptian universities, like Nile University, and Zewail city for Science and Technology.

10- UB supported in encouraging innovation in scientific research, entrepreneurship, linking the research product with the industry, and raising its effectiveness. Especially with the agricultural activity to accomplish goals of sustainable development a spew Egypt vision 2030.

11- Proceeding with the political leadership eagerness and CBE to empower women, believing in her ability to work and develop effectively. It was taken into account that effective distinguished women are included in the board of directors in UB. As well as, women presents 30% out of the work force in UB.

UB provided support to a number of 350 women in Saint Catherine to be economically empowered. By qualifying them to work, produce, and even export their distinctive handcrafts, which were greatly admired by foreigners.

12- The Egyptian Justice system witnessed digital transformation in courts in Cairo, and other governorates. That transformation included automating administrative works, electronic litigation, and economic courts. In order to increase the quality of the service presented to the citizen to insure achieving justice. UB was the first financial institution to make within its walls electronic economic courts and contribute to settlements of dispute in distance.

13- In public health that has always suffered from deficit and in effectiveness of health services presented to citizens. UB, led by CBE, contributed in many health-examining campaigns. Which provided free medications, like 100 million health, Eyes of Egypt, and health convoys for women, eliminating Virus C in Egypt. That all obtained the admiration of World Health Organization, and eliminated ling waiting lists in all health institutions.

14- On the cultural level file, UB got an agenda that includes many files for developing cultural awareness. Especially for women and youth. As well as, deepening the societal innovative values and principles.

 

End.