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IDB agrees to finance industrial projects in Beni Suef - Daily News Egypt

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IDB agrees to finance industrial projects in Beni Suef

IDB Chairperson and Managing Director Maged Fahmy said that, through the protocol, the bank will put forward all its financing capabilities to existing and new projects.


The Industrial Development Bank (IDB) has signed a cooperation protocol with the Beni Suef Governorate, through which the bank will provide the financing needs for industrial projects in the governorate.

IDB Chairperson and Managing Director Maged Fahmy said that, through the protocol, the bank will put forward all its financing capabilities to existing and new projects.

It will also provide the comprehensive banking services that these projects require to expand production and cover market needs for commodities.

Fahmy added that the bank attaches special importance to projects that localise manufacturing, and removing Egypt’s dependence on imported goods whilst preserving the country’s foreign currency reserves.

At the same time, the projects that will benefit from the IDB’s financing will focus on producing goods that can be exported, in accordance with the conditions and controls, as well as other credit programmes, set out by the Central Bank of Egypt (CBE).

These programmes cover a range of agreements, including with the Micro, Small, and Medium Enterprises Authority (MSMEDA), and the Environmental Compliance Agreement.

According to Beni Suef Governor Mohamed Hany Gamal El Din Ghoneim, the protocol is part of the Egyptian state’s drive to facilitate procedures for investors, as well as President Abdel Fattah Al-Sisi’s “A Decent Life” initiative. It will also help develop small and micro enterprises across the governorate, and provide appropriate services to citizens.

Hamdi Azzam, Deputy Executive Chairperson at IDB, said the protocol will cover support for micro, small, and medium enterprises (MSMEs). It will also provide retail banking services, with the bank one of the pioneers in this field.

The bank has seen the provision of its expertise and capabilities in this field achieve significant accomplishments in some governorates, including Fayoum, Beheira, and Alexandria. Over the past seven years, this has seen citizens connected up to gas, water and electricity services with the lowest possible return.

Naglaa Mohamed, Director of Public Relations and Institutional Communication at IDB, explained that the bank is always keen to enter into new and effective initiatives and protocols with Egypt’s governorates.

These would support the country’s industrial sector and projects in a way that would be reflected in advancing economic growth, whilst achieving sustainable development for the well-being of the society.

She indicated that the cooperation protocol with Beni Suef Governorate comes out of the bank’s keenness to develop a strong presence in Upper Egyptian governorates. This would also ensure that the governorates enjoy basic elements that allow them to make investments in various fields and industrial zones.

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https://dailyfeed.dailynewsegypt.com/2020/09/14/idb-agrees-to-finance-industrial-projects-in-beni-suef/
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