Skip Ribbon Commands
Skip to main content

BM NEWS

Banque Misr Signs Financing Contract with Benya Cables Valued EGP 481 Million
09/11/2021

Banque Misr signed a financing contract with Benya for Fiber Optic Cables, one of the companies of Benya Group, at a value of EGP 481 million, during a press conference held on the sidelines of the first day of the Cairo ICT exhibition, in the presence of a group of bank leaders, the company and the Arab Organization for Industrialization.

The financing aims to establish the largest fiber-optic cable factory in Egypt and Africa to cover the demand for fiber-optic cable products in Egypt, the Middle East and Africa; in addition to providing high-quality cables, in cooperation with one of the largest leading companies in the field of optical cables in the world, “Corning” company. This is in partnership with the Arab Organization for Industrialization, the largest industrial organization in the African and Arab region. The project commands an exceptional location in the Suez Canal Economic Zone and extends over an area of ​​40,000 square meters.

Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, stated that the Bank’s partaking in this financing is a continuation of its pioneering role in supporting the Egyptian economy, highlighting the importance of the role of trained talent in conducting the necessary studies for such a product at a high standard of efficiency. He reiterated Banque Misr’s constant keenness to finance value-added projects that positively reflect and contribute to the Egyptian economy, adding that the Bank is always eager to provide the necessary financing for projects that aim to produce high-quality local products that replace imported products and thus reduce imports.

On his part, Lieutenant-General Abdel Moneim Al-Terras, Head of the Arab Organization for Industrialization, confirmed the implementation of the directives of President Abdel-Fattah Al-Sisi to strengthen the state’s strive towards digital transformation, implement advanced technological infrastructure and expand digital services in accordance with Egypt’s Vision 2030. Al-Terras expressed his pride in the permanent and fruitful cooperation with Banque Misr, praising the positive and pioneering approach of the Bank in encouraging local products and its support of Egyptian industries, which, in turn, drives the Egyptian economy and creates more job opportunities in various sectors. Al-Terras also praised the cooperation with “Benya for Fiber Optic Cables”, noting that through this partnership, AOI aims to establish a national industry of advanced technological infrastructure for networks and communications that meets the needs of development projects and smart cities inside Egypt and opens outlets for export to the African and Arab region.

In this respect, Engineer Ahmed Mekky, Chairman and CEO of Benya Group, stated, “We are pleased to cooperate with Banque Misr, the leading institution in the banking sector. Through this cooperation, we seek to obtain financing to establish the largest fiber-optic cable factory in Egypt and Africa, in partnership with the Arab Organization for Industrialization, which is the leading industrial corporation in Egypt, the Middle East and Africa. The financing comes in the form of a long-term package to finance the establishment of the factory, the purchase of machinery, equipment and production requirements, as well as the financing of working capital when production begins.”

Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr, stated, “Banque Misr’s implementation of this financing is a continuation of its pioneering role in supporting the Egyptian economy, the state’s plans towards digital transformation, which ensures the continuous demand for the sector’s products and services, as well as the government’s plan to develop communications infrastructure using fiber cables for all governorates as a first phase. This is in addition to smart cities constructed by the state, which primarily rely on fiber cables.”

Banque Misr continues to lead in Egypt, the Middle East and Africa in arranging, marketing and managing syndicated loans and project financing, according to Bloomberg’s evaluation of global banks 2021, which reflects the success achieved by the corporate credit and syndicated loans sector in Egypt. It further asserts the Bank’s outstanding performance, robust financial status and effective marketing plans seeking to attract new customers and financing operations; together with emphasizing the Bank’s firm support of the national economy.

Banque Misr has been a leading and pioneering financial institution that has keenly partaken in initiatives and protocols that provide services accommodating the needs of all customer segments; since the Bank’s values and strategies reflect an unwavering commitment to achieve sustainable development and prosperity for Egypt.