Benya Cables, a subsidiary of Benya Group, signed Sunday a financing contract worth EGP 481m with Banque Misr. The contract was signed on the sidelines of the Cairo ICT exhibition.
The financing will be used to establish the largest fibre-optic cable factory in Egypt and Africa, in cooperation with US Corning Incorporated and the Arab Organization for Industrialization (AOI). The project is located in the Suez Canal Economic Zone (SCZone), on an area of 40,000 sqm.
Abdel Moneim Al-Terras, Chairperson of AOI, said the new factory comes in line with the directives of President Abdel Fattah Al-Sisi to enhance the state’s digital transformation process, establish advanced technological infrastructure, and expand digital services in accordance with Egypt’s Vision 2030.
Al-Terras expressed his pride in the cooperation with Banque Misr, praising the positive and pioneering approach of the bank in encouraging the local product and supporting the Egyptian industries, whose effects are reflected in boosting the Egyptian economy and creating more job opportunities in various sectors.
Ahmed Mekki, Chairperson and CEO of Benya Group, said: “We are pleased to cooperate with Banque Misr to obtain financing to establish the largest fibre-optic cable factory in Egypt and Africa, in partnership with AOI, the leading industrial corporation in Egypt, the Middle East, and Africa. The financing is in the form of a long-term financing package to finance the establishment of the factory, the purchase of machinery, equipment and production requirements, as well as the financing of working capital when production begins.”
Mohamed El-Etreby, Chairperson of Banque Misr, said that the financing is a continuation of its pioneering role in supporting the Egyptian economy, stressing the importance of the role of Banque Misr’s trained cadres to conduct the necessary studies for such financing with high efficiency, and Banque Misr’s constant keenness to financing value-added projects that reflect positively on the Egyptian economy.
Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr, said: “Our financing for one of the projects in the communications and information technology sector comes from the bank’s keenness to achieve Egypt’s vision 2030 and to support the state’s plans towards digital transformation, which ensures the continuous demand for the sector’s products and services, as well as the government’s plan to develop the telecommunications and information technology infrastructure using fibre-optic cables for all governorates, in addition to the smart cities that the state is establishing and relying mainly on fibre-optic cables.
It is worth noting that Benya Group is a leading organization in designing and implementing integrated solutions and products in the field of communications infrastructure and digital transformation in Egypt, the Middle East and the African continent. Benya offers, through its advanced professional and institutional system, a rich bouquet of products, services and digital solutions. It covers the technological value chain, on which developed countries and institutions depend. This package includes technical communication services and solutions related to information security, massive data and information platforms, design and implementation of integrated technological systems and proactive technical solutions.
Thanks to its tangible successes in the design and implementation of many integrated and non-traditional projects, the group was able in record time to establish the associated image as the main player in the field of digital transformation in emerging markets, and a reliable partner for governments, institutions, and international and regional companies alike, in designing Implementation of mega projects for digital transformation