The United Bank is to implement innovative solutions for faltering factories restoring them to operate and production

18/07/2024

Web News 1872024

 

The United Bank is to implement innovative solutions for faltering factories restoring them to operate and production

 

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

 

·       The Egyptian state and The Central Bank of Egypt exerting efforts to implement economic reform programs as per to 2030 vision.

 

·       UB achieving the complicated equation between the corporate growths and enhancing the corporate sustainability standards.

 

·       An innovative system with nine mechanisms to eliminate the crisis of stumbling factories and retool them to operate and produce.

 

Farag Abdel Hamid- Deputy Managing Director

 

·       Five primary factors stumbling factories and stopping them from work.

 

·       Seven economic and social benefits out of reoperation and reproduction of stumbling factories.

 

 

 

Cairo: 18th of July 2024

 

Relevant to the Egyptian government and The Central Bank of Egypt recent steps, towards eliminating the crisis of stumbling factories. The United Bank demonstrated a range of innovative mechanisms and solutions to end to the crisis. That is in the framework of the Egyptian state and CBE strategy towards enhancing the economic growth and accomplishing social equity; through creating, a stable and productive work environment supports the Egyptian vision of 2030 towards a sustainable development.

 

UB provided 9 innovative solutions contributed to spreading the Egyptian industry spirit and retooling a number of stumbling factories to operate and produce. That happens subsequently after an analysis process to the financial, technical, productive, and marketing evaluation based on the challenges facing the factories and potentials they got. As well as, growth opportunities and ROI (return on investment).

 

UB set its nine solutions to meet these factories requirements with their different kinds (large, medium, and small enterprise):

 

1-    Financing support through packages of specialized finances, either traditional or compatible with sharia provisions, as per CBE rules. That finances help these factories to recover.

 

2-    Debt restructuring in line with factories cash flows activities earned to let them enjoy financial relief. Which will contribute to re-operation and re-production.

 

3-    Launching smart banking solutions granting these factories investment opportunities for their resources, assets, and then achieve profits.

 

4-    Providing technical support and banking consultancies for these factories to ensure their operating, production, and accomplishing profits.

 

5-    Providing a package of specialized solutions in financial engineering. Aiming to maximize the financial capabilities of these factories, and working on to open new horizons for investment in capital markets and stock markets.

 

6-    Providing financial non- banking solutions through “United Finance” company for lease to fund industrial, productive and agricultural equipment and tools. In order to develop SMEs sector.

 

7-    As well as, a set of innovative solutions for cash management for these factories to ensure the best investment for this money.

 

8-    A meticulous follow- up for re-operation, re-production, and marketing to guarantee profits accomplishment.

 

9-    Launching set of digital solutions, UB Internet Banking that works 24/7. It provides 14 distinctive competitive services for corporate clients enabling them to make all their governmental and banking transactions. In addition, making e- trade on two levels:

 

First: governmental payments:

 

1-    Payment of all taxes

 

2-    Payment of social insurance obligations

 

3-    Customs tariff payment

 

4-    Consolidated window payments

 

5-    Individual services and utilities payments

 

6-    Governmental supply chain payments

 

7-    Ports payment

 

Second: e- banking services:

 

1-    Internal and external transfers

 

2-    Instant swift transfers

 

3-    Account statement request

 

4-    Previewing account movements

 

5-    Downloading account statement

 

6-    Letter of credit application

 

7-    Letter of guarantee application

 

Commenting on UB success in eliminating stumbling factories crisis, Ashraf El Kady- CEO and Managing Director; declared that the Egyptian government and CBE initiative to put an end to the stumbling factories crisis and bring them back to operate and produce efficiently, enhancing their competitive capability for the national economy and contributed in achieving sustainable development.

 

In addition to eliminating the debt crisis, that reached around one billion Egyptian pounds for five thousands factories. As per the Ministry of Industry since Coved 19. Which is regarded as a big cost to be held by the national economy and reflected on the citizen. The stop of the operation process threatens with a social crisis.

 

El Kady pointed out that UB strategy targeting accomplishment of a hard equation among corporate sustainability growth standards and adding a value to the society and the individual through contributing in raising the life style of the citizen. That can happen through digital banking solutions, which enjoys primary characteristics: innovation, continual development, training, and working on the increase of production. As well as, technical consultancies, banking, digital, finance, and investment solutions.

 

He reassured on the importance of the integrated strategy adopted by the Egyptian government and CBE. Which aims to attracting local and international investments through eliminating the crisis of stumbling factories. Which contributes in motivating local economy and create more work opportunities. Furthermore, this contributes to promoting Egypt internationally as a stable investment environment.

 

Farag Abdel Hamid- UB Vice president mentioned that the stumbling factories crisis is due to five main factors: financial, administrative, technical, marketing and external factors.

 

He added that there are seven social and economic benefits for these factories- with its different kinds (large/ medium/ small) reoperation and production:

 

1-    Solving the distressed debts through debt restructuring, based on timeframe linked with expected cash flows and with suitable interest, which will help these factories to rise after fall.

 

2-    Reoperation and increasing the local ingredient, which contributes to depending less on imports, enhance balance of payment, and improve national economy. That is through assisting these factories to get the required material to production in a way that ensures using the available potentials.

 

3-    Increasing exports; this contributes to making cash returns that reduce the demand for foreign currencies and supports the growth of national economy. That happens through paying attention to developing industries, depending on local brands as a substitute for the imported ones. The thing that reduces the invoice of import and contributes to increasing exports.

 

4-    Providing thousands of job opportunities, which reduces unemployment rates, helps in eliminating poverty and enhances social, economic, and financial stability.

 

5-    Improving infrastructure, which will contribute in achieving investment benefits for other economic sectors.

 

6-    Raising the citizen lifestyle. Hence, providing more jobs and increasing the income contributes to improving the lifestyle. Which will positively reflect the health and education systems, and other social services.

 

7-    Enhancing the trust of international and local investors as a big step towards improving the investment climate, and encouraging international companies to operate and work in Egypt.

 

 

 

End.