The Arab Organization for Industrialization (AOI) has signed an agreement with the Agricultural Bank of Egypt (ABE) to implement the latter’s digital transformation and mechanisation programme.
The agreement was signed in the presence of ABE Chairperson Alaa Farouk and AOI Chairperson Adviser for Engineering Affairs Alaa Negm.
AOI Chairperson Abdel Moneim El-Terras stressed that the agreement reflects President Abdel Fattah Al-Sisi’s directives regarding Egypt’s digital transformation. He also emphasised that AOI has allocated all its capabilities and technological expertise to developing Egypt’s banking institutions.
El-Terras highlighted the importance of cooperation with the ABE, being one of Egypt’s oldest banking entities, that has contributed to supporting the country’s agriculture sector.
He explained that the areas of cooperation include taking advantage of all AOI’s manufacturing capabilities to implement the ABE’s digital transformation and mechanisation.
This would take place through business development and raising the bank’s efficiency at its various facilities and branches across Egypt. This would also focus on the areas of equipment, construction, engineering and technological services.
El-Terras added that the agreement will meet the ABE’s needs in several areas, including supplying devices and technical equipment needed at its buildings.
This would also see the installation of technical networks such monitoring cameras, anti-theft and fire alarms, and information networks and TV connectivity. Additionally, LED and renewable energy-supplied lighting systems will be put in place, alongside ATM and points of sale equipment.
The implementation of this agreement will take place at no cost to the state budget for materials, or maintenance and after-sales services, El-Terras said.
For his part, Farouk expressed his pleasure at the cooperation with AOI to achieve comprehensive development goals.
He said that the cooperation protocol comes as part of the ABE’s strategy to upgrade its banking services and products, expand its customer base and increase its share in the banking market. The bank currently has a comprehensive plan in place that will see the development of its branch network across Egypt, which currently stands at over 1,210 branches.
Farouk stressed that cooperation with AOI contributes to the bank achieving its vision and strategic plans to transform into an advanced development banking institution.
These include a comprehensive plan to modernise the existing branch network and to establishing a new network of advanced branches. This is in addition to modernising its technological infrastructure and developing banking products and methods of presentation services to meet the needs of all customer groups.