Ahmed Darwish, the head of the General Authority for the Suez Canal Economic Zone (SCZone), and Hassan Abdallah, the CEO of the Arab African International Bank (AAIB) signed a memorandum of understanding (MoU) on Tuesday to enable the bank to be present in the zone and offer services as well as financial and investment products to investors there.
The agreement stipulates that the bank arrange loans and financing for major projects in different economic fields inside and outside of Egypt, especially in the economic zone. The bank will also arrange projects and partnerships between both the public and private sectors, including the navigation sector and its affiliated ports. It will also take part in the provision of alternatives for the financing necessary for all economic activities, including industrial activity.
“The presence of a banking institution with a good reputation and that is able to help investors throughout all phases is what we are looking for to achieve a climate to attract investors,” said Darwish. He noted that AAIB has these qualities, especially within its management, which is able to make crucial decisions quickly.
According to Abdallah, visions of the authority and the bank met with the aim of developing the SCZone and attracting more investments to the region.
He added that the development project of the area will enhance Egypt’s geographical and economic abilities. The bank being distinct amongst investment banks and the strength and efficiency of the SCZone are both main pillars for success.
The bank has many branches in the SCZone, which enable it to achieve its vision and role in the advancement of production to serve the national economy. These branches include the ones in Port Said, Ismailia, the two branches in Damietta, Suez, and the Arab Gulf region, according to Abdallah.
He stressed that the bank’s presence in the SCZone will help it activate the economic potential of this large entity, where the bank is one of the largest investment banks in the region. Moreover, it has a strong regional presence in the gulf region, enabling it to become a gate for Arab investments in Egypt. Moreover, the bank is able to provide integrated financial and investment services through its financial group.
Banker Africa magazine has granted AAIB the best online platform award in North Africa for the second year in a row.
According to Abdallah, the bank’s presence on the internet is not limited to announcing the most important news about its products and services, but also offering financial consulting and a full introduction of the types of these products and banking services to both clients and non-clients.
He stressed that the bank pays great attention to the concept of satisfying clients. It works on training its staff to maintain and improve its quality and leadership in the local and regional market.