Financial International Corporation (EMEA)

29/06/2019

Financial International Corporation (EMEA)

Awarded The United Bank two awards as the best funding performance for syndication loans granted to major strategic projects in Africa, the Middle East and Russia

 

Cairo: 29 June 2019

The United Bank received two awards for the best financing performance syndication loans granted to major strategic projects in Africa, the Middle East, Russia and Turkey from the Finance International EMEA in a ceremony held in London.

In the presence of representatives of international banks operating in Africa and the Middle East and major Egyptian banks. Where The United Bank received the two awards in financing the following projects:

First: Award for participating in the financing of the best syndicated loan to finance agricultural and industrial activity in the Africa and Middle East region, granted to Canal Sugar Company to finance the company's project for the production of beet sugar at its factory in Minya and reclamation of 181,000 feddans, with a total value of US $ 100 million and LE 1.2 billion The bank is participating in the amount of 15 million US dollars and L.E. 100 million.

Second: Award for co-financing as the best syndicated loan to finance heavy industrial activity in Africa and the Middle East for 2018. By participating in the joint loan granted to Ezz for rolling, in order to finance the company's factory for the production of reduced iron in Ain Sokhna. The total loan amounted to LE 5.2 billion with the participation of the bank amounting to LE 133 million.

The two awards were made through an assessment by Finance International EMEA for syndicated loans granted to fund major strategic projects in various fields financed by international banks in Africa, the Middle East, Russia and Turkey in 2018. The United Bank was the best performer, after studying all aspects of funding granted from the financial and economic aspects and the environmental and commercial impacts of such financing.

Commenting on the event and The United Bank winning the awards, Ashraf El Kady, Chairman of The United Bank, said that the two awards came to crown the continuous efforts of The United Bank's team.

He added that "It is a very important international testimony that The United Bank is capable of competing and winning regional and local awards".

Nevine Kashmery, Deputy Managing Director of the Business Sector, said that this award came as a result of the efforts of The United Bank and the team of syndicated loans to participate in joint loans for the purpose of financing major projects and financing projects of economic importance to the State and contribute to the achievement of sustainable development of Egypt in accordance with the Egyptian State Plan 2030.

She pointed out that good management and close relations with other banks ranked for these funds, especially the National Bank of Egypt, the bank that manages these loans was one of the factors for the United Bank to receive those awards.