CIB Signs Credit Facility To Finance Flex Asepto Egypt
Date
10/26/2024 2:30:52 PM
(MENAFN- Daily News Egypt) The Commercial International bank (CIB) announced signing a credit facility contract with one of the companies of the U Flex Group, one of the largest packaging groups in the world. It aims to support the“Flex Asepto Egypt” project, which will be the first factory for bottling sterile liquids in Egypt. This will enhance industrial activities in Egypt and reduce the gap between exports and imports, thus strengthening the Egyptian Economy comprehensively.
The contract was signed by Amr El-Ganainy, Deputy CEO and Managing Director of CIB, and Ashok Kumar, Founder and Chairman of U Flex Group, in the presence of Hossam Heiba, Chairperson of the Investment and Free Zones Authority; Ahmed Metwally, Vice Chairperson of the Economic Authority for the Southern Suez Canal Zone; Soha Abu Zekry, Head of the Institutional Relations Group at the Bank; and Abeer Essam, Head of Corporate Credit.
The attendees said that this partnership will enhance economic and industrial growth in Egypt, and help industrial institutions achieve localization and sustainability goals.
El-Ganainy expressed his pride in this cooperation, stressing that the partnership between CIB and U Flex represents an important step towards strengthening Egyptian industries.
He said:“Signing the financing contract for the“Flex Asepto Egypt” project is part of our joint efforts to develop the industrial sector in Egypt. This directly contributes to increasing national wealth and narrowing the gap between exports and imports,an essential step towards achieving sustainable growth for the Egyptian economy.”
For his part, Kumar said:“We are pleased to cooperate and partner strategically with CIB to support the U flex Group, fostering their expansion plans in Egypt and supporting their growth potential. Signing this credit facility is evidence of the distinguished financial performance and strong cash flows enjoyed by the group's financial statements.”
CIB thanked Ashok Kumar for his support for this partnership, stressing that the cooperation between the two parties will lead to remarkable successes in the near future.
The two parties stressed their commitment to continue working together to achieve common goals that contribute to developing the industrial sectors in Egypt.
The Flex Asepto Egypt project is considered part of Egypt's national strategy. It targets enhancing local manufacturing and support localization, while seeking to create new opportunities for industrial growth and enhance Egyptian exports, thus increasing the competitiveness of the Egyptian economy at the global level.
MENAFN26102024000153011029ID1108820751
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.