AlexBank Decides to Contribute to Sisi’s Fund, Withdraws Previous Remarks

AlexBank, a member of the Intesa Sanpaolo Group, will donate to ‘Long Live Egypt’ Fund, CEO Roberto Vercelli announced Tuesday, to withdraw his previous cynical remarks about the fund.

The Italian banking official said in the last days his bank will not contribute to the fund, which was originally initiated by Egyptian President Abdel Fattah al-Sisi to support and revive cash-strapped national economy. Vercelli had formerly shown his uncertainty towards the fund, saying how the bank could donate without having any basic information about whom would run the fund, and how donations would be spent.

However, AlexBank’s CEO announced in a statement on Tuesday that the bank will donate to the fund, proving dedication to boost Egyptian economy.

“ALEXBANK’s donation for Long Live Egypt Fund highlights the bank’s policy to enhance the Egyptian economy. We are proud of this donation that helps, even partially, to build the developed Egypt of which we all dream,” said Vercelli.

In the statement, AlexBank affirmed that the national projects, announced by the Egyptian government during the launch of Suez Canal development project including a diverse range of agricultural, industrial, service, and tourism projects, will help stimulating investors to pump capitals in the Egyptian economy. Accordingly, ALEXBANK stated that it will donate for the “Long Live Egypt Fund”.

“The recent measures, announced by the government in all fields, aim at fortifying micro, small and medium enterprises that create thousands of job opportunities, representing a real pillar for Egypt’s national economy. ALEXBANK is always promoting these projects, acquiring a leading position in the Egyptian market. The board of directors’ meeting will be held next month to determine the amount of donation for Long Live Egypt Fund.” added Vercelli.

“Out of its belief in the importance of providing a driving force for productivity, ALEXBANK is committed to multiply SMEs finance in 2014, besides offering more facilitations for customers through all branches nationwide, and launching a new package of banking products that meet SMEs requirements,” he explained.