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Ashraf El Kady- President of The United Bank Each 10 % investments in green energy projects equals around 100 billion dollars returns in economic, social and sustainable developments

29/11/2022

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Ashraf El Kady- President of The United Bank

Each 10 % investments in green energy projects equals around 100 billion dollars returns in economic, social and sustainable developments

  • 2023 will witness UB expansion in sustainable funding for climate and sustainable purposes.
  • The United Bank is distinctive for its high flexibility to innovate funding mechanisms, that motivates corporates to reduce negative impacts on climate.
  • 5 digital and funding mechanisms to settle the green fund in SMEs.
  • The sustainable finance requires collaboration of the state with its different authorities along with banks and funding institutions.

 

Cairo: November 29th, 2022

Ashraf El Kady- President of The United Bank stated that each 10 % investments in green energy projects equals around 100 billion dollars returns in economic, social and sustainable developmental.

Thus, UB 2023 strategic has included the expansion in the green sustainable finance. That’s through launching a package of new innovative banking products and solutions, that keep pace with the needs of industrialists, investors and citizens, and compliant with the international environmental standards to reduce carbon emissions and limit the negative impacts of climate change.

El Kady pointed out that the sustainable finance challenge requires collaboration of the state with its different authorities along with banks, funding institutions, and NGOs organizations to provide competitive finance, motivations, and advantages for industrialists and investors, especially that these kind of projects are characterized by achieving economic, social and environmental sustainable dimensions. As well as, its effect on reducing the climate negative emissions, the thing that have positive reflections on the citizen and the society as whole.

Among the banking products and solutions being studied by UB, in order to be released in 2023 is the renewable energy projects. The investments in the renewable energy field from networking and energy storage will increase the investors returns both on economic and social levels.

Besides, value supply chains development that nourishes the clean energy projects and accelerates the pace of deepening its usage. The thing that will contribute to changing the citizen consumption culture, and redirecting it towards the clean and renewable energy. This have great positive impacts both on the citizen and the society.

The United Bank is considering expanding in green transportation projects finance, either by converting cars into natural gas, that was launched earlier in 2021, or by the group transportation fleet conversion into green transportation.

Ashraf El Kady emphasized that UB is one of the driving forces to the SMEs growth, as it is regarded one of the most important promising sectors according to 2023 Egypt’s vision. The thing that has direct impact on improving the Egyptian citizen lifestyle, as well as, the social impact as it helps in eliminating the unemployment and economic empowerment for youth and women. Besides, its indirect impact on developing the infrastructure of the society and illegal immigration reduction and slums development.

El Kady indicated that UB provides a package of solutions that works on maximizing the role of SMEs sector. That’s through 5 banking and technical tools:

  • Innovative and variation of financing solutions that meet the requirement of industrialists and investors, according to CBE terms and conditions.
  • The digital services package, like: corporate digital services, that provide many advantages for corporates, such as: all internal money transfers, issuance of letters of guarantee, full payment of governmental bills, taxes, insurance, and customs. Opening of letters of credit, cash management in the latest investing styles, the corporate account statement. All of these services contribute to maximizing the corporates profits.
  • Specialized finance solutions for micro finance projects, through UB digital wallet, and the ability to pay installments through it. That’s in order to develop value chains. The thing that contributes to eliminate many social and economic problems, like: corruption, unemployment and crimes..etc. as well as, its effective role in merging the parallel economy with the formal one, and improving the citizen’s lifestyle, and changing the consumption culture into clean energy.
  • A package of technical support services: working on developing digital banking solutions to serve integrated development purposes, especially micro finance projects and expanding financial inclusion base.
  • Supporting innovative young Egyptian minds in the banking and non- banking field, especially those who figuring out economic solutions, maximizing local production in important sectors of economic activities. That contributes to increase the Egyptian exports volume, that’s through the Nile Pioneers initiative to support start-ups and entrepreneurships.

End.