Chairperson of Qatar National Bank (QNB AlAhli) Mohamed El Dib and chairperson of the General Authority for the Suez Canal Economic Zone Ahmed Darwish signed on Monday a cooperation protocol to provide banking services to customers in the region.
According to El Dib, this cooperation harmonises with the ambitions of the bank to support the business community in Egypt, as well as support economic development and international trade.
He added that the bank is looking forward to strengthening this partnership to achieve common goals of both parties economically, socially, and environmentally in Egypt’s favour.
According to Darwish, the signing of such a protocol with QNB AlAhli aims to expand banks in the area.
According to a statement issued by the bank, the signing of this protocol comes within the framework of the keenness of the authority to take advantage of the geographical location of the region, to attract investment, and to increase Egypt’s share in world trade through launching investment and development potentials in economic and social fields to create the best attractive investment climate.
He added that the signing of this agreement also comes out of the role played by QNB AlAhli in advancing economic development, through the provision of all banking services, financial consulting, and financing major projects of the different economic sectors, particularly in the Suez Canal Economic Zone.
The bank has experience in financing all investment projects, especially in the field of energy, electricity, infrastructure, and real estate investments in industrial zones. This is besides its experience in dealing with foreign investors, and thus, the bank felt that this long experience must be used in funding projects to be established in the zone, according to the bank.
He pointed out that this promising zone has all elements of success necessary for attracting investment and foreign capital. The bank’s cadres are trained to prepare economic studies for such projects.
According to the bank, it will also study the zone’s needs for long-term financing and provide the necessary liquidity to such funding, as well as lease financing for equipment and means of transport required for heavy and light industries. This is besides financing the needs of individuals who work in the zone and providing life insurance services for employees.
He added that the bank will also participate in providing the required financing alternatives for all areas of economic activity in the zone for customers, including the industrial activity, which acquires a notable share of the size of the credit portfolio of the bank.
QNB AlAhli is one of the largest private banks operating in Egypt and serves more than 850,000 clients through more than 5,600 employees and more than 200 branches covering all parts of the country, in addition to about 450 ATMs.