Farag Abdel Hamid: Vice President of The United Bank The initiatives of The Central Bank supported the state's orientations towards the new republic, economically and socially

11/07/2021

The United Bank participated today in the annual conference of El Ahram Economy magazine, under the patronage of Dr. Mostafa Madbouly the Prime Minister. The opening speech was delivered by Dr. Hala Al-Saeed - Minister of Planning, in the presence of Dr. Khaled Al-Anany - Minister of Tourism and Antiquities, Abdel Mohsen Salamiya - Chairman of the Board of Directors of the El Ahram Foundation, and Sherif Abd El Baqi - President of El Ahram Economy magazine and a group of economic, financial and business men.

 

Under the title of "The banking sector, initiatives that faced the crisis and supported the economy", Farag Abd El Hamid - Vice Chairman of The United Bank participated in the first session of the conference. In the presence of: Ahmed Galal - Vice Chairman of The Export Development Bank, Walid Nagy - Vice Chairman of The Egyptian Arab Land Bank, Mohamed Khairat - Head of the Corporate Credit and Loans Sector at Banque Misr, and Nader Saad - Head of the Small and Medium Enterprises Sector at Banque du Caire, with the participation of Ashraf Bahy El Din - Deputy Governor of The Central Bank for Banking Affairs, and the session was directed by Hussein Al-Refay - Chairman of Suez Canal Bank.

 

In his speech, Farag Abd El Hamid indicated that The United Bank's strategy aims to achieve the difficult equation between the criteria of sustainable institutional growth and giving an added value to society, specifically to the Egyptian citizen, to improve his life according to the vision of the Egyptian state and the directives of The Central Bank of Egypt through banking and digital solutions that have basic characteristics: innovation, continuous development, training, work, and increasing productivity for customers and the bank alike as well as technical advice and digital banking technologies.

 

Farag added that The Central Bank of Egypt was proactive in its initiatives aiming to protect the national economy and stimulate it for sustainable growth as well as opening horizons for new investment opportunities for banks and create banking products that suits with the needs of the citizen and are in the interest of comprehensive development goals in accordance with Vision 2030.

He added that The United Bank participated in all national initiatives under the leadership of the Central Bank of Egypt on the economic and social axis:

First: The Economic Initiatives Axis:

  1. The initiative to eliminate bad debts - the banking sector, led by The Central Bank of Egypt, had a major role in addressing the repercussions of the Corona virus crisis and remedying its effects so as not to affect the future performance of economic reform programs and the Egyptian state’s plans for comprehensive and sustainable growth.

 

There were many measures on the economic and social side and the national initiatives adopted by The Central Bank of Egypt, which gave these exceptional policies of The World Bank and international financial institutions a new certificate of confidence that the Egyptian state is serious in completing the economic reform process which contributed in accelerating the process of grants for additional financing to Egypt to enable it to maintain the gains of economic development programs.

 

  1. Digital transformation and financial inclusion initiatives - The United Bank was one of the first banks that worked to prepare its infrastructure to keep pace with the process of digital transformation and financial inclusion in accordance with the directives of the Central Bank of Egypt and the National Payments Council. The United Bank had a clear influence in:
  • Four national campaigns for financial inclusion directed to specific societal groups: women, youth, and savings for 5 consecutive years.

 

  • Participating in the national campaign for digital transactions to raise awareness of the services of the "Your Bank Online" package, from: Internet banking - mobile banking - digital wallet - and interactive ATMs as well as raising awareness of the uses of the national card "Meeza" in conducting all financial transactions as well as governmental and non-governmental payments.

 

  • Launching the International Bank Account Number IBAN system which contributes to maximizing the opportunities for Egyptian exports in foreign markets and increasing financial flows for Egyptians working abroad as well as facilitating the entry of foreign investors.

 

  • Launching the "Agyal" product which is a package of innovative financial solutions that target young people and suit their needs and aspirations. In line with the Central Bank’s decision to include age groups from 16-21 years, opening accounts for them using the personal card only and digital dealing 24 hours, 7 days a week, with utmost freedom and safety as well as a series of advantages that qualify young people for entrepreneurship in the future.

 

  • The studied expansion of the branches geographically to cover the industrial and commercial investment areas as well as the targeted population centers. The United Bank owns 67 branches spread all over the Republic, as well as 5 digital centers in: Mokattam - Fifth Settlement - Gamasa Industrial Area - Sheikh Zayed and Dokki. So that the branch operates at its full capacity during normal working hours and then turns into an electronic center that provides digital services to its customers 24 hours, 7 days a week.

 

  • Work to spread the culture of financial transactions and increase societal awareness of the mechanisms of digital work. Where The United Bank intensified its media and marketing activities for the transformation process and working with the internet banking technology for companies. In addition to instilling a culture of awareness of the importance of encouraging digital applications and solutions that contribute to eliminating corruption.

 

 

  1. The Initiative for the Care and Development of Young Egyptian Minds - The culture of entrepreneurship is the way to grow the economies of countries in general and Egypt in particular. Giving strength to entrepreneurs, providing them with the necessary skills, and creating a work environment that supports and supports their success which will bring the whole Egyptian state well in its path towards sustainable development and Vision 2030.

 

  • In the field of FinTech - The United Bank continues to support emerging companies and innovative ideas for Egyptians, especially young people. He opened a second center for "Nile Pioneers" to serve the Upper Egypt region, Meniya Governorate. This is after the opening of the first center in the Delta region, Dakahleya Governorate, in July 2019.

 

The United Bank, through the "Nile Pioneers" initiative of the Central Bank of Egypt, provides technical and financial support to a number of small and emerging projects. In cooperation with Egyptian universities such as: Nile University, Mansoura University and Cairo University. The most prominent of these are 5 projects in the field of dairy production and plastic manufacturing.

 

As well as financing the first Egyptian-made and environmentally friendly electric car. As well as funding the talking glasses that help handicap persons in their daily lives.

 

  • In the field of green economy applications - The United Bank supported the students of the Faculty of Engineering, Department of Architecture, Cairo University, until they got the first and second prize in the Innovative International Competition for Urban Farm 2020, Italy 2020.

                                     

Also, The United Bank supported the students of the Faculty of Engineering, Cairo University, in designing the first solar-powered and environmentally friendly car

 

Second: Social Initiatives Axis:

  1. The initiative to convert cars to run on natural gas

The United Bank launched the financing product for converting cars to operate with natural gas on the sidelines of the first exhibition of technology for converting and replacing vehicles with clean energy, Go Green, under the patronage of the President of the Republic and in coordination of the Ministry of Trade and Industry, the Central Bank of Egypt and a number of relevant ministries.

 

The Central Bank of Egypt has allocated 15 billion Egyptian pounds for this initiative aiming to maximize the Egyptian citizen's benefit from the gains of economic reform through:

  • Maximizing the use of natural gas as an alternative fuel to diesel and gasoline which achieves great economic and material savings in the general budget of the Egyptian state. It contributes in directing this savings to support the health, education and scientific research sectors to advance the system of services provided to the Egyptian citizen and improve his life.
  • Elimination of pollution and harmful environmental emissions that affect the health of citizens and the surrounding environment from the effects of the use of fuels.
  • Achieving the maximum benefit from the production capacities of the Egyptian car factories and the industries feeding them. This contributes to maximizing production, increasing the local component, and increasing employment rates, thus eliminating unemployment and increasing exports.

 

  1. Real Estate Finance Initiative

The presidential initiative for real estate finance and the decisions of The Central Bank of Egypt brought about a qualitative leap in the real estate market, and a leap in the real estate investment sector in Egypt. This is due to the high demand of the low- and middle-income category, which represents 60-70% of the Egyptian people, to buy housing units in the various governorates of the Republic.

 

The United Bank is one of the seventh largest financiers of real estate finance for the category of low and middle income, according to the report issued in the first month of June 2021 on the Social Housing Fund and the support of real estate finance, with a volume of grants that exceeded one billion.

 

The United Bank has concluded a series of agreements with major real estate investment companies, the most recent of which was City Edge. The United Bank also signed a joint cooperation agreement with the Social Housing Fund and real estate financing support, worth 2 billion EGP. Also, it signed an agreement with the Journalists Syndicate to finance the purchase of 1108 housing units for the media elite according to the initiative of The Central Bank of Egypt.

                                                                    

The United Bank's distinguished real estate financing programs come in 8 of Upper Egypt governorates: Fayoum - Beni Suef - Meniya - Assiut - Sohag - Qena - Luxor - Aswan. It also provides real estate financing services for low- and middle-income people in 4 governorates in the Canal Zone: Port Said - Suez - Ismaileya and the Red Sea as well as 9 cities in the new urban communities: 6th of October - 10th of Ramadan - Obour – El Shorouk - Badr – Bourg El Arab - Nubaria - New Damietta and New Alamein City. There are also 7 governorates in Lower Egypt and the Delta, Menoufeya - Gharbeya - Beheira - Kafr El Sheikh - Sharkeya - Dakahleya - Cairo.