The United Bank commenting on financing The Canal Company for sugar

14/05/2022

The United Bank commenting on financing The Canal Company for sugar

Cairo 14^th of MAY 2022

In a direct comment from The United Bank on its participation in a banking alliance headed by The National Bank of Egypt along with 9 banks granting 12.5 billion Egyptian pounds, to The Canal Company for Sugar.

Ashraf El kady- President of The United Bank, declared that The Canal Company for Sugar is at the head of the large national projects and one of the largest industrial and agricultural projects in Egypt.

Adding that the project comes in accordance to the political leadership approach to support and optimize the developmental projects sector in Egypt, especially in Upper Egypt zone. The thing that enhances the comprehensive development and the economic revival for the Egyptian State.

The factory is to contain the biggest silo for sugar in the world with a storage capacity of 417 thousand tons. The production of the factory will contribute in achieving the self-sufficiency of sugar during 2023, that will reduce importing which will directly affect on the foreign currency.

Ashraf El Kady assured The United Bank is devoted to participate in joint loans and provides finance and support to the vital developmental economic projects, especially in the agricultural projects in accordance to the political leadership vision of the million acre project.

Nevine Kashmiry, Deputy managing director for Business sector, stated that The United Bank is adhered to participate in this kind of financing. As it is a strong addition in the national industry and the agricultural and industrial integration resulted from the project which hopefully repeated in other projects in the future to promote the 2030 Egyptian vision. She assured the power of the banking alliance participating in financing and the success in completing and implementing the activation procedures.

On parallel, Alber Nassan, Head of joint loans and finance, expressed his happiness for The United Bank being a part of this finance. Which proves the Egyptian ability to attract foreign investments. The participation of Alghareer group, among foreign banks in the finance enhances the foreign investor trust, as well as the foreign financing institutions in the Egyptian economy.

It is worth mentioning that The United Bank participated, under the leadership of The National Bank of Egypt as the main organizer and financing agent for 9 banks. The alliance included The African Export- Import Bank (Afrexim), Qatar National Bank (QNB) Alahli the guarantor of coverage, Banque de Caire, Suez Canal Bank, Arab Investment Bank, The Agricultural Bank of Egypt, Housing and Development Bank, Industrial Development Bank. That was after the withdrawal prerequisites and activation conditions of long-term joint financing of amount of 12.5 billion Egyptian Pounds in favor of the Canal Company for sugar. In purpose to finance a side of the investing cost of the cultivation and development of 181 thousand acres in the west of Menia. According to the presidential program to cultivate 1.5 million acres, 600,000 of them are in west Menia. Besides, establishing and operating a factory to produce sugar with a production capacity reaches 90,000 tons of sugar annually. The announcement of financial shutdown of financing came after completing the financing package and fulfilling all contracts, financing documents and withdrawal prerequisites.