A banking alliance of six local banks

10/03/2019

The signing of contracts for the pumping of financing for the benefit of the Canal Sugar Company to finance part of the cost of investment for the development and development of 181 thousand acres west of Minya Governorate and the launch of a new plant to produce sugar annually with capacity of 938 

The loan is valued at LE 1.2 billion and a foreign currency segment of about US $ 100 million with the participation of six local banks: The United Bank, National Bank of Egypt, Qatar National Bank, Bank of Alexandria, Suez Canal Bank and Industrial Development Bank.
During its 3-year construction, the project provides 2,500 direct and indirect jobs. In addition to 1500 jobs during the operation. This is in addition to about 50,000 indirect jobs.
Ashraf El Kady, chairman of The United Bank, said that this major project is aimed at developing the governorates of the Golden Triangle in terms of providing job opportunities, increasing productivity for self-sufficiency and achieving an increase in Egyptian exports.
He said The United Bank has set its strategy to support the country's plans for sustainable development by encouraging local and regional investments. As well as building a culture of productivity and increase the local component and improve the quality of the start of national industries and maximize the volume of Egyptian exports, especially for the African market.