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Banque Misr Signs a Protocol of Collaboration with the Egyptian Commercial Service for Supporting and Developing Egyptian Exports to African Markets
Owing to its role as one of the most important national banks pioneering export operations and transactions, a protocol of collaboration was signed by Banque Misr and the Commercial Service at the premises of the Ministry of Trade and Industry, in the attendance of Mrs. Nevin Gamea – Minister of Trade and Industry – and Mr. Akef El-Maghraby – Vice Chairman of Banque Misr. The protocol was signed by and between Mr. Shehab Zeidan – Head of the Banking Products Sector for Companies and Financial Institutions – and Dr. Ahmed Meghawry – President of the Egyptian Commercial Service; and was witnessed by select executives from both parties.
Banque Misr’s conclusion of this protocol comes in light of its strive to provide all banking products for companies – whether international trade operations, cash management, SMEs or large companies financing – due to their important role in driving the national economy, achieving social stability and boosting domestic product.
Worth noting is that ECS is an apparatus of the Ministry of Trade and Industry and is considered the economic arm of Egyptian diplomacy abroad, as well as the umbrella under which Egypt maintains its international economic relations and one of the most prominent entities working towards driving and furthering Egypt’s international trade endeavors. ECS also plays a leading role in developing Egypt’s external economic relations – whether on a bilateral or multilateral level, owing to it being the state’s purposefully-designated diplomatic body.
According to the protocol, Banque Misr will provide trainers to hold workshops on international trade operations, shipping documents and companies’ financing needs; and to familiarize companies with the initiatives of the Central Bank of Egypt for financing SMEs. This is in addition to dispatching marketing coordinators – by the Bank – to the premises of companies, factories, investors associations, the Federation of Egyptian Industries and export councils for the purpose of presenting and marketing banking and financing products when required; and receiving financing applications from interested parties. Each case will be considered separately and a special commission will be applied to external trade operations of companies nominated by ECS, in addition to rendering all exceptional banking services and completing all transactions promptly, as per the Bank’s applicable policies and procedures.
Also pursuant to this protocol, ECS is set to market and promote the products and services offered by Banque Misr; such as financing products for companies operating in all sectors, trade product services, extending first party services to companies and factories, supplying the Bank with nominated companies and factories registered with ECS for potential business and showcasing international trade and credit facility products. ECS would then prepare a letter of nomination directed to Banque Misr, naming the companies and factories wishing to collaborate with the Bank insofar as various banking and financing products, thus capitalizing on the benefits of the protocol. This is in addition to organizing workshops to educate exporting companies on export mechanisms, shipping documents and ECS services worldwide.
Worth noting is that Banque Misr has attained numerous awards in recognition of its efforts in the field of banking products for companies and financial institutions; such as the “Fastest Growing Trade Finance Bank Egypt” for 2018, 2019 and 2020; and the “Fastest Growing Cash Management – Egypt” for 2018 and 2019 from Global Banking and Finance Review. This is together with the first classification as “Best Service Provider in Egypt and Africa 2020”; and the first classification as “Leader in the Egyptian market 2020”, according to a survey by Euromoney magazine. The Bank was also named “Best Trade Finance Bank – Egypt 2020” and “Best Cash Management Bank – Egypt 2020” by Asian Banking and Finance magazine.
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