The United Bank has started offering a specialised package of banking and electronic banking services to Egyptian exporters under the slogan of “Working for Export”, according to the chairperson of the bank, Ashraf El Kady.
El Kady explained that the aim of this service is to maximise the presence of Egyptian products in the global trade movement and to provide the time and effort of the source through a selection of financial and electronic products, which contribute to raising the efficiency of its products and ensuring its competitiveness in international markets, such as electronic banking services and electronic payment of obligations governmental organisations.
He added that the bank is also providing a series of specialised technical banking consultations for exporters in cooperation with the General Organisation for Export and Import Control, through specialised training programmes in payment mechanisms, business operations, documentary credits, and banking operations in order to spread banking culture among all exporters.
The United Bank had earlier signed a memorandum of understanding (MoU) with the General Organisation for Export and Import Control, aiming at complementarity to support Egyptian exporters.
According to El Kady, the file of export and investment is the basis for the Egyptian economic reform. The remarkable improvement in the economic indicators of Egypt equates to the economic reform programme, raises the credit rating, and increases the confidence of international institutions in the Egyptian economy, some of the difficulties they face, and limit their spread.
He added that the efforts of the state in all its institutions and bodies with civil society are clear on all levels, especially in the field of trade relations with partners and opening new markets for Egyptian exports.
There are four main challenges facing Egyptian exports and hindering the opportunities of their spread globally, El Kady said: the increase in the prices of raw materials, either in the local market or through imports; the difficulties related to transport and storage; the conditions put by some external countries on the quality of products Egypt exports; and the ban on the import of some Egyptian products, especially agricultural ones, in a number of international markets.
El Kady stressed the importance of addressing the challenges facing the Egyptian industrial base, increasing the local component in the Egyptian industry at the expense of the importer, as well as promoting Egyptian industries with export competitive advantages such as leather, furniture, and chemicals