AlexBank Contributes EGP13mn to FEB’s Initiative to Support Egypt Economy

AlexBank will contribute 13 million Egyptian pounds to support the Arab country’s economy and carry out a number of education and health projects.

AlexBank, a member of Intesa Sanpaolo Group, allocated EGP 13 million to the Federation of Egyptian Banks (FEB) within its plan to support the Egyptian economy and execute a number of education and health projects.

The bank also revealed its proposal to pump investments and offer a package of funding procedures aiming to boost SMEs according to the government’s new policy that focuses on supporting the SME sector and offering facilities to entrepreneurs.

Roberto Vercelli, CEO of AlexBank, declared, “the bank granted the Federation of Egyptian Banks 2% of its current year’s profits which is equivalent to EGP 13 million for combating the slums phenomena in Egypt under the initiative of Federation of Egyptian Banks. This initiative was welcomed by AlexBank due to its detailed agenda and plan which will be monitored by a dedicated committee. He added: Human Development aspect is core to the development of slum areas in Egypt and AlexBank was keen to be a member of the sustainability committee mainly focusing on the development of health and education.

Vercelli added that “AlexBank’s strategic plan for 2014 is based on multiplying funds for SMEs and offering more facilities to entrepreneurs with innovative projects that have the potential to achieve real development.” He also mentioned that this service is available across all branches nationwide.

Vercelli also said “the SME sector is vital to boosting production and enhancing the Egyptian economy over the coming period of time. This is why the bank is preparing to offer a number of credit facilities and loans to increase the number of SMEs, especially in the area of Upper Egypt which assumes an important position in the framework of the bank’s expansion plan in the Egyptian market.