(MENAFN- Daily News Egypt) The Commercial International bank – Egypt (CIB) has signed a strategic sponsorship and cooperation agreement with the Chamber of Food Industries (CFI), under the Federation of Egyptian Industries, becoming the chamber's official banking partner for 2025.
The agreement was announced at the 3rd Annual Food Industries Conference,“Egypt's Food,” held under the patronage of Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of industry and Transport, alongside key ministers and industry leaders.
This partnership underscores CIB's commitment to supporting vital sectors of the Egyptian economy, driving competitiveness, and facilitating export growth. The collaboration aligns with Egypt's national plan to increase export revenues to $100bn, with food and agriculture playing a pivotal role in industrial and trade activities. In 2023, exports from the sector reached $8.8 billion.
CIB's partnership with CFI aims to strengthen the food industry's capacity to access international markets while promoting sustainable growth. The agreement provides CFI's 24,000 member companies with financial solutions such as working capital financing and trade finance, alongside capacity-building programs to enhance export readiness, food safety compliance, and access to financing.
As part of the collaboration, CIB will actively engage with food industry companies through workshops, meetings, and specialized consultations to address their needs and identify opportunities for support.
Ashraf El-Gazairly, Chairperson of the Chamber of Food Industries, welcomed the partnership, emphasizing its role in achieving sector sustainability and enhancing competitiveness.“Through this collaboration, we aim to ensure quality standards, food safety systems, and international compliance while supporting SMEs and empowering women in agriculture and manufacturing. These efforts have led to annual export growth of 10-15%, and we expect exports to reach $10bn by the end of 2024.”
Amr El-Ganainy, Executive Vice President and Board Member of CIB, reaffirmed the bank's dedication to supporting Egypt's food industries:“Our financial and non-financial solutions empower SMEs to grow and access new export markets, positioning Egyptian products competitively on a global scale.”
Rashwan Hammadi, CEO of Retail Banking and Financial Inclusion at CIB, highlighted the bank's role in fostering business growth through its Business Solutions program, offering development resources across non-financial areas.
Hani El-Deeb, Head of SME Banking, elaborated on CIB's digital tools, such as the GTB Trade Portal and CIB Business Online, which streamline trade processes, facilitate online document management, and provide 24/7 access to banking services, enhancing efficiency and accessibility for businesses.
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