The United Bank discusses with Sudanese Investors ways to boost commercial exchange and increase investments in Egypt
Ashraf El Kady- The Chief Executive Officer and Managing Director
Cairo: 19 of September 2023
The United Bank along with Sudanese investors outlines ways to promote economic and commercial cooperation. In addition to means to get benefits from the available promoting investment opportunities in Egypt amid The Egyptian state’s application of economic diversification policy.
That took place in a meeting organized by The United Bank. The meeting was headed by Ashraf El Kady- The Chief Executive Officer and Managing Director, Farag Abdel Hamid- Deputy Managing Director, with the presence of a delegate includes more than Sudanese 20 businessmen. Moreover, The Vice President of Export Development Bank of Sudan, along with Rehab Azmy- Assistant Managing Director and Head of Retail Banking and Branches, Nader El Eryan- Technical Advisor of UB, and Germien Amer- Head of Corporate Communications, The United Bank.
The meeting discussed the ways of promoting commercial and economic cooperation between the two countries, especially in real estate investments, commercial, productive and service fields. Moreover, the banking and credit services and digital products provided by UB in its 68 branches. In support of Sudanese business-men and investors as per The Central Bank regulations.
Many more challenges have been discussed during the meeting. Challenges regarding brotherly Sudanese business-men, like: regulation of commercial situations among Egyptian- Sudanese especially strategic goods such as: meat and grains. In addition to facilitating the residence procedures and work authorizations especially for investors. And, guarantee the facilities of remittances from abroad by foreign currency, either through traditional banking channels or digital banking channels.
Commenting on the meeting, Ashraf El Kady- The Chief Executive Officer and Managing Director, praised the firmness of relationships among the two countries. Appreciating Egypt’s role in providing support and assistance to our brothers in the Sudan, especially during crises.
He added that Sudan is Egypt gate to the African continent, and that the two countries are deeply linked by language and geography. The Sudanese- Egyptian relations are characterized by firmness and sustainability. Moreover, the two countries are linked by many economic agreements, like: COMESA, and Arabian Free Trade Agreement.
El Kady mentioned that Egypt welcomes Sudanese investments in different economic fields, pointing out that there are many promising investment opportunities in many vital fields, like in: agriculture, mining, infrastructure, and information technology,, etc..
He stated that the investment climate in Egypt is attractive especially in the economic diversification policy of the Egyptian state. Moreover, setting regulations and laws that contribute to attracting more local, Arabian and foreign investments.
Figures and indicators
El Kady said that there is a big chance to increase the commercial exchange volume between the two countries. The CAPMAS showed that the commercial exchange volume between the two countries reached 711.4 million dollar by 2020. Meanwhile, the Sudanese investments in Egypt in 2019/2020 was 97 million dollar. And the Egyptian exports to Sudan reached to 826.8 million dollar.
He praised the Sudanese and Egyptian states’ approach to deepening the relations regarding the commercial, educational, cultural and economic levels. Especially, after activating the four freedoms since 2014, which states: freedom of movement, freedom of residence, freedom of work, and freedom to own.
Inaugurating the latest projects between the two countries: Kastel- Ashket land port. This port is regarded as the Egyptian gate into the African continent. Which expanded the trade and investments between the two countries specifically and among the African continent in general. The port contributes to prospering the export- import movement of commodities, cattle ship and activating the tourism as well.
In addition to building the coastal road between Egypt and Sudan to facilitate trade and transportation. Moreover, developing and restructuring of the railways lines to facilitate the movement of individuals and goods.
There is also an electro-link project between Egypt and Sudan. As Egypt provides Sudan with almost 300 megawatt as the first phase of the project. Moreover, many strategic projects to reclaim lands, produce meat, and navigation company to work between Aswan and Halfa.
The delegate praised meeting with UB for the constructive discussions and working on overcoming the obstacles facing the investors. They thanked UB work team.