The United Bank with the delegation of the General Union of Sudan

08/07/2018

The United Bank with the delegation of the General Union of Sudan, discussed ways to enhance cooperation between the financial and banking institutions in both countries

Ashraf El Kady – Chairman of The United Bank
• Enhancing cooperation between the financial and banking institutions and the General Union of Egypt and Sudan.
• The role of banking institutions in activating the volume of trade exchange and investments between the two countries.
• The common values of the bank are the base of the institution's success.
• The bank offers a range of services, credit solutions and technical consultations to support Egyptian exporters both internally and externally.

Cairo: 18 August 2018

As part of the continuous efforts by The United Bank to strengthen relations between the international financial and banking institutions, especially the two sister countries Egypt and Sudan, The United Bank last week received the delegation of The General Union of Employees of Banks and Financial Business in the sister country of Sudan and the delegation of The General Union of Employees of Banks, Insurance and Financial Business in Egypt.

Ashraf El Kady – Chairman of The United Bank and Farag Abdel Hamid – Vice Chairman, received: Gamal Abdel Nasser Al-Akbi - Chairman of The General Union of Banks' employees, Insurance and Financial Business and Nader Al-Erian - Secretary General of the Syndicate in Egypt. And the delegation of the General Union of Banks' employees and Financial Business in the State of Sudan headed by Yousef Abdul Rahman Al-Obaid.

The meeting reviewed the related efforts between The General Union of Bank Employees in both Egypt and Sudan and means of enhancing them in a number of banking and commercial fields.

Ashraf El Kady, Chairman of The United Bank, said that the financial and banking institutions have a great role in maximizing the efforts of countries in increasing the volume of activity and trade and cultural exchange, especially which both countries seek to achieve sustainable development on all economic, social and cultural levels.

Growth in trade between the two countries
El Kady said that the coming period is expected to witness a growth in the movement and trade activity between the two countries in four main areas: the leather industry, the food industry, the cable industry and in the field of electricity.

The volume of trade exchange between the two countries
Ashraf El Kady, said that the volume of trade exchange between Egypt and Sudan reached 2018 billion US dollars at the beginning of this year, an increase of 18.9% from last year 2017, according to a report of the Central Auditing Organization (CAO).

Sudan ranked first in Egyptian exports to the Nile Basin countries in 2016. These are food exports, building materials and textiles, While Egypt imports from Sudan livestock, live animals, sesame and some other products.
The Egyptian investments in Sudan amounted to 273 projects with a total investment of about $ 2.6 billion.

The United Bank offers a unique package of financial services and technical consultations to all Egyptian exporters both internally and externally
Ashraf El Kady said that The United Bank has signed a series of agreements with a number of bodies concerned with maximizing the volume of Egyptian exports abroad, including: the Ministry of Trade and Industry represented by The General Authority for Export Development and the African Export Development Bank, as well as the Egyptian Export Risk Guarantee Company to provide integrated service to all Egyptian exporters both internally and externally.

"The United Bank provides a package of financing services and insurance services to receive export proceeds and protect against the risk of non-payment. The financing package is:
1- Provide the previous financing of the shipping process necessary to complete the export process at a low cost of financing does not exceed 5-7% as a return on the amounts disbursed under the program of support for small and medium enterprises provided by The Central Bank of Egypt.
2- Provide the following financing on shipping at least 80% of the value of the shipping documents accepted by the foreign importer. Based on the insurance coverage provided by the Egyptian Export Risk Guarantee Company in cooperation with The United Bank.
3- To provide insurance coverage for the first time to the African market by enhancing documentary credits issued by local African banks that are difficult for our Egyptian banks to strengthen and guarantee. In cooperation with the African Bank for Import and Export. The package includes financing facilities to guarantee the proceeds without the existence of bank guarantees by the importer.

Farag Abdel Hamid, Vice President of The United Bank, said that the export comes on the list of economic targets of the Egyptian state. Therefore, The United Bank was directed towards developing solutions for all export mechanisms, including direct exports without intermediate banks and guarantees of collection. He stressed that all means of payment in foreign trade accept funding and guarantee through the United Bank offers unprecedented facilities for Egyptian exporters and exports.

Comment on the meeting
"This visit will open new avenues for cooperation in the banking and economic field and exchange of experiences and cultures between the institutions in the two brotherly countries," said Youssef Abdel Rahman Al Obeid, head of The General Union of Banks' Employees and Financial Business in Sudan. As well as solutions to the obstacles faced by Egyptian and Sudanese exporters in both sister countries.

For his part, Gamal Abdel Nasser Al-Akbi, president of The General Union of Bank Employees, Insurance and Financial Business, said that the measures of the success of the institutions come from the good management of the human elements in an optimal manner, which motivates the employees to exert more efforts to double production and achieve return on investments.

Gamal Aqbi said that The United Bank achieved over the last two years a boom in results, profits and management of human resources professionally; making it one of the 12 most effective banks in the Egyptian market.