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NBE studies financial needs of East Port Said Industrial Zone - Daily News Egypt

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NBE studies financial needs of East Port Said Industrial Zone

Delegation from bank visits area to discuss project’s required banking services, factories to be established

A delegation from the National Bank of Egypt (NBE) headed by Yehya Aboul Fotouh, the deputy chairperson of the bank, paid a field visit to the East Port Said Industrial Zone, which is currently under construction, as part of the bank’s plan to support all developmental and national projects.

During the visit, Karim Samy Saad, the chairperson of the East Port Said Development company, presented an overview on the project, which included its components, the size of the works, the stages of its implementation, and the targeted local and international companies to invest in the region.

According to Aboul Fotouh, the bank’s interest in providing support for this project is based on its belief in the importance of taking advantage of Port Said’s industrial zone’s unique geographical location, which is located in a region which connects Europe, Africa, and Asia.

Moreover, he stressed the role of the NBE in supporting the project. The bank is currently studying the project’s financing needs, the provision of all the required banking services, and the factories which are to be established in the industrial zone through the presence of the bank’s branch there. He stressed that the bank supports this type of projects, as this project will contribute to an added value to Egypt’s national economy, and it will also help in the creation of new job opportunities.

The East Port Said Development company is responsible for the development, management, and the marketing of the East Port Said Industrial Zone, which has a total area of 16m square metres.

The zone includes several different areas of diversified industries attracting investment, and is the product of a partnership between the state and the private sector, represented by the Industrial Development Group, Hassan Allam Holding Group, and Samcrete Egypt’s engineers and contractors.

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