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Banque Misr Funds Leather Production Development Project

Banque Misr signed a cooperation protocol with Al-Kahira for Urban and Industrial Investment and Development, the company behind the Robiki Leather City project, in the presence of Minister of Trade and Industry Tarek Qabil. The protocol was signed by Chairman of Banque Misr Mohamed El-Etriby and Mohamed Hamed El-Gohary, the chairman of the company.

The protocol stipulates that Banque Misr will finance the renovation the company's' machinery and equipment, in addition to purchasing additional space, as well as small and medium-sized workshops, and commercial and office units for the investors. The financing will be provided with a low interest rate, according to the rate set by the Central Bank of Egypt. The financing will be provided for a period ranging from one year to ten years, with a two-year grace period beginning as of the date of delivery of the unit, according to the company's requirements.

This comes within the national policy for the advancement of industries, whereby the Robiki Leather City project is currently considered one of the state's strategic projects. Robiki Leather City was established in accordance with the most modern international systems, with assistance from Italy due to its expertise as one of the largest leather-producing countries in the world. The foundations for the first phase of the project have been completed, including facilities, desalination plants, etc., in addition to the provision of the foundations for the second phase of the project.

Banque Misr's financing of the project stems from its commitment to providing economic and social support, thereby allowing the national economy to flourish and boosting production, as well as providing job opportunities for the youth in order to raise the living standards for individuals and drive future growth.