With an integrated system, financing and digital solutions
The Federation of Egyptian Chambers of Commerce and The United Bank sign a protocol of cooperation.
Ibrahim Mahmoud El Araby - President of the Federation of Egyptian Chambers of Commerce
Ashraf El Kady - Chairman of The United Bank
Cairo: 19 October 2020
Aiming to maximize the economic performance and increasing the local investments, the Federation of Egyptian Chambers of Commerce and The United Bank signed today a protocol of cooperation, within the framework of the effective participation between the country's economic sectors, its various agencies and the financial institutions led by The Central Bank of Egypt to maximize the economic growth according to the vision and plans of the Egyptian state for 2030.
The protocol was signed by Eng. Ibrahim Mahmoud El Araby - President of the Federation of Egyptian Chambers of Commerce and Ashraf El Kady - Chairman of The United Bank, with the presence of Farag Abdel Hamid - Vice President of The United Bank, Nevine Kashmiri - Deputy Managing Director for Business Sectors, Mohamed Shawky - Head of Trade Finance Sector and Regional hub president The United Bank and Dr Alaa Ezz – General Manager of The Federation of Egyptian Chambers of Commerce side.
In Accordance to this protocol, The United Bank provides a package of banking solutions and specialized financing mechanisms for the 5.5 million members of the Chambers of Commerce through 65 branches spread throughout the Republic.
Also, it provides a package of distinguished digital services to the Chambers’ members, whether companies or individuals, represented in direct and indirect electronic payment mechanisms through electronic payment methods or through the national card "Miza", as well as a group of electronic banking services working 24 by 7 such as internet banking, mobile banking, and digital wallets.
The cooperation protocol between the Federation of Egyptian Chambers of Commerce and The United Bank states that the bank will provide a package of banking technical advice for the companies whom are members of the federation, especially emerging companies and business entrepreneurs, to ensure the continuous improvement of their financial performance.
The United Bank, also, through its innovative solutions, provides a cash management service for the members of the chambers of commerce, whether companies or individuals, that allows them to manage the cash available through digital banking services in an optimal way to maximize their profits.
Commenting on signing of the protocol of cooperation, Ashraf El Kady - Chairman of The United Bank - says that he is happy with this effective cooperation between the sectors of the state, its large economic entities and the financial institutions led by The Central Bank of Egypt to serve the purposes of comprehensive and sustainable development of Egypt and to encourage the local investments and maximize their performance, which would be reflected directly and positively to improve the life of the Egyptians.
El Kady added that the economic sectors and the local and foreign investments are growing rapidly. The efforts of The United Bank in this context are in harmony with the plans of the state and The Central Bank of Egypt to create a fertile environment for creativity and adopt stimulating policies while providing the necessary support and financing to develop the services provided in order to expand them locally and export internationally, by providing an integrated system, innovative financing solutions and digital services to support the national economy through the small, medium and micro projects sector, that represents the black horse in the indicators of economic development.
Ibrahim El Araby, President of the Federation of Egyptian Chambers of Commerce, expressed his happiness with this protocol, which places the small, medium and micro projects sector on the map of the financial institutions, whether banking, or economic, especially small and micro projects, the emerging companies and business entrepreneurship.
He added that Egypt has the qualifying characteristics to attract more local and foreign investments, especially with the factors available to attract investments, including the human elements, the geographical location, the governmental programs and strategies supporting for the sector and the stimulation innovation and creativity.