Chairperson of the Arab Investment Bank (AIBK) Hani Seif El Nasr signed a cooperation protocol with chairperson of Damietta Furniture City (DFC) Osama Saleh in order to take part in the international initiative to establish this city, which is considered the first and largest integrated industrial zone specialised in the manufacturing of furniture and complementary industries in the Middle East.
Signing this protocol is considered part of the role the bank plays in improving the economy through offering all banking services and financial consultations necessary for the projects; in addition, it will take part in the provision funding alternatives for all the fields of economic activity, which will result in major growths, according to Seif El Nasr.
He added that the bank’s contribution in this project aims to combat the high prices, increase local production, and provide the youth with jobs with a low interest rate according to the initiative of the Central Bank of Egypt (CBE) to support small, medium, and micro enterprises.
Seif El Nasr pointed out that opening the new mini branch in the city is expected to be finished soon. It will aim to fund all feeding industries and complementary large, small, and medium industries, connecting them to one another through specialised funding programmes for factory owners in the area, with payment periods ranging from one year to ten years, in order not to burden young people.
The branch will also offer all banking services, in addition to integrated electronic services. This will happen through offering a bunch of services that include fund management for clients, as well as international trade services.
For his part, Saleh expressed his excitement about this cooperation with AIBK and all the funding it can offer to the city.
Saleh pointed out that the company seeks to turn Damietta into an integrated city specialised in the manufacturing and exporting of furniture through developing this industry and leading its advancement based on international standards. He pointed out that, starting from September, the establishment of new small industrial units will take place.
In a different context, Seif El Nasr noted that the total number of branches of the bank will reach 30 by the end of September 2017. New branches are currently underway, which will eventually take the number of branches up to 46 in 2018.
Seif El Nasr stressed that this expansion plan of branches is in line with a parallel plan to develop the existing branches based on the same standards, which will eventually establish an identity for the bank.