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AlexBank signs cooperation protocol with IDA to finance industrial units acquired by SMEs Protocol addresses IDA, Alex Bank's mutual desire to boost industrial investments in Egypt, says chairperson of IDA
Dante Campioni, managing director and CEO of the Bank of Alexandria (AlexBank), signed a cooperation protocol with Ahmed Mustafa Abdel Razek, chairperson of the board of the Industrial Development Authority (IDA). The protocol is aimed at financing the new assigned industrial units for small and medium enterprises (SMEs) through distinctive credit facilities. The protocol embraces the authority's role to establish integrated industrial clusters, mostly designed to attract investments for SMEs. Moreover, it stipulates that AlexBank will provide the necessary financial resources needed to support the investments for industrial projects that decided to operate in areas developed by the IDA at attractive interest rates. Meanwhile, the IDA will facilitate allocations of industrial land and its development, as well as simplify the procedures for obtaining the necessary licenses, which in turn will remove the obstacles that may be faced by investors in order to speed up industrial development in some geographical areas. For his part, the managing director and CEO of AlexBank said that signing this protocol comes in line with AlexBank's strategy to support the development of industrial initiatives, especially SMEs, to help them overcome possible financial challenges. "This stems from our belief in the importance of the SME segment and of the vital role it plays in elevating Egyptian industry and improving overall economic conditions," he added. Abdel Razek confirmed that this protocol comes in line with IDA's strategy to facilitate land allocations and licensing procedures, and to remove all barriers that investors face. He further stated that the protocol addresses IDA and AlexBank's mutual desire to boost industrial investments in Egypt, enhancing locally manufactured products, empowering SMEs, and creating employment opportunities.
