The Attijariwafa bank Egypt signed a Memorandum of Understanding (MOU) with the Egyptian Federation for Construction and Building Contractors (EFCBC) and the African Federation for Construction Contractors’ Associations (AFCCA).
The MoU aims to promote qualified contracting companies and increase their market share in African countries, and promote the contracting industry in the region by offering a set of banking and financial services to contracting companies.
Halla Sakr, managing director of Attijariwafa Bank Egypt, stressed on the importance of this MoU and stated that the cooperation with the two parties comes in line with the country’s strategy which focuses on increasing trade exchange and cooperation with Africa, especially after the announcement of Egypt’s presidency of the African Union in 2019.
“We are pleased with the MoU that was signed today with the EFCBC and AFCCA, and we are always keen on supporting African countries and enhancing our effective presence in the region. The bank has also put into consideration the construction sector’s needs, which the African continent is in dire need of, in order to develop its countries in all sectors including infrastructure, housing, energy projects, etc.…,” she said.
Sakr also noted that the parties of this memorandum will provide together different forms of support and enhancement to the African countries to achieve this objective.
She also highlighted that through this cooperation, the bank intends to promote the contracting industry in the region by providing a full banking and financial services portfolio to the companies of the EFCBC and AFCCA.
Sakr confirmed that Attijariwafa Egypt is aiming to benefit the local and regional companies of the Attijariwafa Group’s expertise in the field of project finance, advisory services, financing international business operations, and risk management, as well as the strong presence of the group in Africa.
On 3 May 2017, the Attijariwafa Bank Group acquired Barclays Egypt, and on 3 November 2017, the bank was renamed as Attijariwafa Bank Egypt.
The bank is currently operating under this brand name with over 150 years of experience in Egypt under the Barclays brand, which has provided the best international banking services.
Attijariwafa Bank Egypt has a wide branch network of 57 branches and 77 ATMs located in various governorates.
The bank has 1,446 employees in Egypt, one of the best qualified staffs in the banking market, serving international, regional, and local clients, and serving more than 120,000 individual customers throughout the country.
The MoU reaffirms Attijariwafa Group’s strategy which prioritises the effective existence in African markets and believes in Egypt’s significant position in the continent and its ability to achieve actual cooperation among the African countries.
The MoU would also increase the exporting of national contracting companies’ services to African countries, as well as their market shares. This cooperation would empower the African countries that need to develop in various sectors, including infrastructure, housing, and energy projects, to achieve prosperity and growth, and improve the services provided to their citizens.
Hassan Abdel Aziz head of the Egyptian Federation for Construction and Building Contractors (EFCBC) and the African Federation for Construction Contractors’ Associations (AFCCA) also expressed his pleasure to cooperate with Attijariwafa Bank Egypt, pointing out that this cooperation is a positive indicator of the federation’s successful efforts in providing the appropriate atmosphere for companies wishing to enter new foreign markets.
The signing also comes in line with the AFCCA’s vision for the construction contractors, and complements its effective role in providing all forms of support and enhancement to national companies in African markets.
Furthermore, it contributes to creating qualified African calibres and opening unlimited horizons for the African contractors to achieve sustainable and comprehensive development in the African countries, especially with the availability of all potentials and capabilities within the continent, which will eventually reflect on their peoples.