AIBK signs cooperation protocol with Chinese TEDA SE ZONE Development operating in SCZone

Daily News Egypt
3 Min Read

Hany Seif El Nasr, the chairperson of the Arab Investment Bank (AIBK), signed a cooperation protocol with TEDA SE ZONE Development, a Chinese holding company with investments more than CNY 30bn with many affiliate companies and institutions, in addition to four companies registered in the Chinese stock exchange, including Shanghai’s.

Signing this protocol is part of the joint cooperation between the General Authority of the Suez Canal Zone (SCZone) and AIBK in order to achieve the authority’s plan to promote investment opportunities in the development project in the SCZone.

The protocol aims to expand the projects of the Suez Canal, especially that the economic area in the canal is considered among the most promising areas. The bank also plays a leading role in enhancing economic development through offering all banking services and financial consultations, as well as financing projects in the different economic fields inside and outside Egypt.

The bank also aims to provide suitable financial alternatives in all fields of the economic activity, including the industrial activity which represents a large percentage of the bank’s credit portfolio.

According to Seif El Nasr, the opportunities for cooperation with the SCzone authority are open, starting from opening a branch of the bank in the area to finance all feeding and complementary industries, whether large, medium or small, and connecting them to one another through a specialized financing programme for investors in the area. In addition, mortgage financing is also available for buyers of residential units.

Seif El Nasr pointed out that all these projects will contribute to providing jobs and developing the economy.

He explained that through its branch in the SCZone and that the bank is able to offer all necessary banking services in addition to integrated electronic services through a package that includes the management of finances of customers and international trade services.

Seif El Nasr also revealed that the bank aims to sign a cooperation protocol with the SIDC to offer finance and banking services to the company and buyers of the industrial units in the Gulf of Suez area, especially that small industries project, Plug and Play, located inside the industrial city. The size of financing to the total number of factories is expected to reach more than EGP 150m.

Share This Article
Leave a comment