The United Bank is to participate with 365 million L.E. in syndication to fund Alexandria port development executed by contracting companies under the leadership of The Egyptian Bank for Export Development

13/12/2023

The United Bank is to participate with 365 million L.E. in syndication to fund Alexandria port development executed by contracting companies under the leadership of The Egyptian Bank for Export Development

UB is to sign a big banking alliance with 6 banks led by The Egyptian Bank for Export Development, and with the participation of the National Bank of Kuwait- Egypt, Mid Bank, Canal Suez Bank, Development and Housing Bank yesterday. With the presence of  the Transportation Ministry delegates.

The signage ceremony for the medium term syndication was conducted at 2 billion L.E. granted for one of the most important and significant contracting companies specialized in developing ports, Aiming to construct the western wave barrier for Alexandria port along with affiliated development projects.

Commenting on The United Bank participation in syndication, Ashraf El Kady, UB Chief Executive Officer and Managing Director stated that this syndication is one of prominent national project that UB participated in out of its national believes to support the national and strategic projects. Thus, developing Alexandria port to leveling up and developing the maritime transport sector.

Adding that Egypt state vision is to become a regional port center in the Middle East, which will highly contributed to Egyptian sustainable development.  Praising the company profile in developing Egyptian ports.

El Kady highlighted that UB is among the most important banks that support the transportation sector and logistic services with all its segments. Adding that UB has participated many times in syndications directed to this sector.

He praised the role played by The Egyptian Bank for Export Development with great professionalism.

Nevene Kashmiry- Deputy Managing Director and Executive board member, stated that The United Bank is adhered to participate in such syndication, to support the developing ports, and promoting Egypt vision 2030.

She pointed out that this mega project will take place through national Egyptian companies, Egyptian consultants, and Egyptian financial guarantees for all the projects. She assured the power of the banking alliance and the success in completing and implementing the activation procedures.

Parallel, Alber Nassan, Head of joint loans and finance, expressed his content for UB participation along with the 6 banks.  Adding that it is relevant with the state’s concerted efforts to develop Egyptian ports. Thus, Egypt will be an international center for trade and logistics using its strategic geographical location between the Red Sea and the Mediterranean.

End.