The most important of which is investment in financial technology

23/03/2019

Ashraf El Kady – Chairman of The United Bank identified in today's session at the eleventh annual summit under the title of Egypt is the gateway to Africa, 7 promising investment fields for Egypt in the African market, namely: ICT, Transport and Logistics, Petrochemicals and Petroleum Products, Education - Health - Development of new urban communities.
The conference was inaugurated by Dr. Mohamed Maait, Minister of Finance, with an opening speech on the Egyptian state's plans to restore Egypt's position in Africa.
In the second session, managed by Dr. Rashad Abdo, Chairman of The Egyptian Forum for Economic Studies, with the participation of Ashraf El Kady , Chairman of The United Bank, Tarek Fayed, President of Banque du Caire, Amr Kamal, President of the Egyptian Real Estate Bank, Hossam El-Din Abdel Wahab, Vice President of Banque Misr and Dr. Nagla Nozhi, Advisor to The Central Bank for African Affairs, and the supervisor of the economic research sector and Hussein Al-Refay - President of the Suez Canal Bank.
Ashraf El-Kady said that achieving sustainable development for Africa is the main challenge for Egypt. This requires the development of African joint action mechanisms and the regional integration model, especially in light of the close link between the requirements of economic development in Africa and the need to implement mega regional projects in many areas to meet the overall development plans of the region.
Africa is the ideal choice for Egyptian exports
Ashraf El Kady said that the increase of Egyptian exports and the strengthening of their competitiveness in the markets of Africa will increase their ability to access these markets and attract new investments to the local market, especially in the axis of development.
The African market is a promising market with a population of around 1.2 billion, with about 56 African countries. Egyptian goods and products are compatible with the nature of the consumer and the income level of the majority of the population. Going to Africa is an ideal option under the severe restrictions imposed by European and US markets on the Egyptian product.
Figures and Indicators
El Kady said that the total African imports from the world in 2018 amounted to about 500 billion dollars. Most of these imports are carried out through specific points in the East and West. The goods are exported to specific fulcrums in 7 free zones from the east on the Indian Ocean (Asmara - Eritrea) and Djibouti (and Mombasa - Kenya). And from the west on the Atlantic Ocean, (Dar el Salam – Tanzania) (Dakar - Senegal, Abidjan and Ivory Coast) the goods are placed in warehouses equipped with the export of goods through direct sales.
The efforts of The United Bank in coordination with The African Export and Import Bank to provide the necessary guarantee to all Egyptian exporters to enhance the issuance of Egyptian exporters of documentary credits issued by the local African banks, allowing The United Bank to provide safe financing both prior to the export or subsequent shipment operations Export secured collection. For its part, The African Export and Import Bank guarantees the export earnings of Egypt and protects against the risk of non-payment in some 50 African countries representing a group of African banks accredited to it.
The United Bank also offers a range of banking services related to the deduction and acceleration of payment for export operations accepted at different time periods ranging from 3 months for consumer goods to 7 years for Egyptian exports of services as contractors. As well as providing the necessary funding for the implementation of the contracting operations carried out by Egyptian companies in the African market. Which are covered by Escrow service provided by African Export Import Bank. In addition, The United Bank provides financing for direct export operations without bank guarantees for a specific group of African countries.
Office to serve exporters and maximize Egyptian exports
The United Bank has also set up its own office in the Egyptian Export Development Authority to serve the Egyptian exporters and provide the necessary financial and technical services to them. As well as providing a range of digital banking solutions that save time and effort, including: Internet banking and mobile banking and digital wallet as well as payment of all government commitments. This digital service operates 24 hours 7 days a week.
The cultural link of the countries of the continent to Egypt
Ashraf El Kady highlighted the efforts of the Egyptian state to develop the human capacities of Africans and link them to Egypt, which will support the strong Egyptian presence in the markets of Africa. This was evident in the activities of the Arab-African Youth Forum held this month in Aswan, which announced in its recommendations a series of integration between Egypt and African countries, the most important of which is the export of life mechanisms through health and education, focusing on the transformation of a knowledge society and the development of scientific research and innovation.
Honoring The United Bank
On the sidelines of the conference, The United Bank was honored and awarded the Excellence and Innovation Award for Digital Financial Technology.