ALEXBANK Signs a Cooperation Protocol with the Industrial Development Authority to Finance Industrial Units acquired by Small and Medium Enterprises (SMEs)
CAIRO, December 2017: ALEXBANK signs a cooperation protocol with the Industrial Development Authority (IDA) aimed at the financing, through distinctive credit facilities, of newly assigned industrial units. The protocol embraces the authority’s role to establish integrated industrial clusters, mostly designed to attract Small and Medium-sized enterprises’ investments. This comes as part of the Egyptian Government’s economic development plan to promote investments in various industrial fields. Within the protocol framework, ALEXBANK will provide, at attractive interest rates, the financial resources needed to support the investments promoted by Industrial Enterprises deciding to locate their operations in the areas specifically developed by the IDA.
The IDA facilitates land and premises allocation in addition to simplify the licensing procedures, thus removing possible barriers to investments, with the aim to speed-up the industrial development of specific geographical areas.
Dante Campioni, Managing Director & CEO of ALEXBANK stated: “We are pleased to cooperate with the Industrial Development Authority giving our support to such a strategic initiative promoted by the Ministry of Trade and Industry.”
“The signing of this protocol comes in line with ALEXBANK’s strategy to support the development of industrial initiatives, especially when involving SMEs which we strongly want to help overcoming possible financial challenges. This stems from our belief in the importance of the SMEs segment and of the vital role it plays in elevating the Egyptian industry and improving the overall economic conditions”, he added.
Eng. Ahmed Mustafa Abdel Razek – Chairman of Board of the Industrial Development Authority – stated: “this protocol comes in line with the authority's strategy in facilitating land allocation and licensing procedures and removing all barriers facing investors.” He further stated that the protocol addresses the authority and ALEXBANK's mutual desire in boosting industrial investments in Egypt, enhancing locally manufactured products, empowering SMEs and creating employment opportunities. Abdel Razek also confirmed “We aim at promoting industrial development and entrepreneurial ecosystem in Egypt, in order to help young entrepreneurs to immediately start their industrial projects. We rely on our partners from professional financial institutions such as ALEXBANK and other National banks to achieve those goals."
The agreement was signed by Mr. Dante Campioni, Managing Director & CEO of ALEXBANK, and Eng. Ahmed Mustafa Abdel Razek, Chairman of Board of the Industrial Development Authority, at the Industrial Development Authority’s headquarter.
The participation of ALEXBANK in this initiative comes as part of its copious efforts to support SMEs through innovative and diversified services and product solutions, amongst which the “Business Passport” released in February 2017.