The United Bank is to solve 20 faltering factories crisis driving them back to operation and production

30/07/2024

The United Bank is to solve 20 faltering factories crisis driving them back to operation and production

 

Cairo: 30 of July 2024

The United Bank announced curing 20 faltering factories crisis and driving them back into the track of operation and production. That is in line with the Egyptian state and The Central Bank of Egypt plan towards eliminating the crisis facing faltering factories and deepening local investments and attracting foreign ones to increase production and export. The thing that enhances economic development plans as per 2030 vision.

Commenting on the achievement, Ashraf El Kady- The United Bank president and managing director, stated that UB adopted the national strategy aiming to settling the Egyptian industry, increasing production, maximizing competitiveness to enable them of compete in markets. Therefore, accomplishing sustainable national economy growth and social stability.

Hence, UB innovated 9 mechanisms to end up the crisis of 20 faltering factories: financial solutions, traditional financing solutions and compatible with sharia provisions. In addition to, package of specialized solution in financial engineering, especially after having struggles with lack of materials, and production requirements, because of difficulties witnessed by production chains due to covid-19, wars, and lack of foreign currencies. Furthermore, providing technical support, and banking consultancies, either banking or non-banking consultancies. As well as, solutions regarding wealth management, and cash management. And a package of digital services under the name of “Your Bank Online” for corporates, which enable them to pay their governmental obligations. In addition to the ability to meticulously following up plans of reoperations, production and marketing in order to ensure reaching those factories to safety ground and making profits.

El Kady clarified that the 20 factories are representing a number of vital industries: fertilizers industry, plastic, and food industries. Which are regarded to be among the government priorities to enhance the productivity of industrial and agricultural sectors. The thing that contributes to accomplishing sustainable economic development and improving the quality of life of the citizens. 

Those vital sectors contribute in improving the quality of production and achieving food insurance. As well as, providing raw materials required for a number of manufactured industries. Consequently, contributing to motivating industrial growth and improving the competitiveness capability to a number of local industries in global markets. In addition to, creating job opportunities, increasing exports and improving the trade balance. Furthermore, it supports the fundamentals of sustainable societal development, through enhancing sustainable agricultural development, recycling, environmental sustainability, and reducing plastic debris. Then, improving environmental impact.

From his side, Farag Abdel Hamid- The United Bank Vice President and Deputy Managing Director stated that UB was devoted in the last period to support industrial and agricultural sectors through providing all kinds of finances, financial services, and banking services required to end this crisis and get them back into work and operation. Out of the belief in the importance of the agricultural and industrial sectors as the backbone of national economy.

He pointed out that settling local industry leads to reducing the bills of import. Consequently, reducing the demand for foreign currencies. It also supports the chances of increasing exports and as a result, it will provide foreign currencies. Furthermore, it will keep those industrial entities within the formal economy system and keeping the intensive labor working in those entities.

Abdul Hamid added that UB contributed a lot in getting those factories back in the track of work and operation. Through mechanisms of work and innovative solutions to restructuring due debts, especially that they are almost half billion L.E., and in line with their expected cash flows. In addition to providing different finances to the capital to provide materials and production requirements.

End.