(MENAFN- Daily News Egypt) Suez Canal Bank has signed a cooperation protocol to provide Ashry Steel Group with credit facilities valued at EGP 2.35bn. The funding aims to support the group's working capital needs, enabling its expansion and increasing its capacity to meet domestic demand while enhancing exports. This initiative aligns with the bank's dedication to fostering the industrial sector and strengthening Egypt's national economy.

The cooperation is part of Suez Canal Bank's broader strategy to expand its partnerships and offer innovative financing solutions that support the growth of key sectors. The agreement is designed to help Ashry Steel Group achieve its strategic objectives, both in the local and international markets.

The signing ceremony was attended by key figures, including Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Shehab Zidane, Deputy CEO and Managing Director; Al-Haytham El-Qobrously, Senior General Manager of Credit and Corporate Finance; Sherif Gahrami, Head of Corporate Finance; as well as Ayman El-Ashry, Chairman of Ashry Steel Group, and his vice-chairmen, Mohamed and Nourhan El-Ashry.

El Maghraby emphasized that the bank is committed to supporting sectors that drive national economic growth. He highlighted that the bank aims to play a significant role in financing large projects that create value for Egypt's economy and provide the necessary support for organizations to achieve their objectives in both local and foreign markets.

Ayman El-Ashry, Chairman of Ashry Steel Group, expressed gratitude for the bank's continued support, noting that these credit facilities would significantly enhance the group's competitiveness both domestically and internationally. He added that the funding would play a crucial role in driving economic development and strengthening the group's future growth plans.

Founded in 1978, Suez Canal Bank is an Egyptian joint-stock institution providing a wide range of banking services to both individuals and institutions. The bank operates 53 branches, including a specialized branch for Islamic banking in Dokki, and offers an extensive ATM network across Egypt.

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