United Bank partners with SCZone to support Suez Canal investors

The state-run United Bank of Egypt has signed Wednesday a partnership with the General Authority for Suez Canal Economic Zone.

According to the protocol, the United Bank shall provide a bunch of smart banking solutions and services, as well as financial and technical consultancies for current and future local and foreign investors in the Suez Canal economic zone (SCZone).

Ashraf El-Kady, chairman of the United Bank, and Ahmed Darwish, chairman of SCZone, have signed the protocol in the presence of key executives in the SCZone and United Bank.

The United Bank is also set to take part in financing giant projects and other port works in the Suez Canal economic zone. The bank will be in charge of granting credit facilities to investors notably for small and medium-sized businesses there, and reviewing feasibility studies. It will also act as financial and technical advisor for anticipated projects in the SCZone.

“The United Bank was aware enough about the importance of this great logistics economic zone and its impact on the national economy. Thus, the bank inaugurated the Ain El-Sokhna branch five years ago.” Ashraf El-Kady said.

“We are planning to open up the new branch in Suez within the first quarter of 2017.”