“Al-Ahly” and “Qatar National” arrange a bridge loan for “Universal Engineering Industries” A banking alliance consisting of the National Bank of Egyp

“Al-Ahly” and “Qatar National” arrange a bridge loan for “Universal Engineering Industries”


A banking alliance consisting of the National Bank of Egypt and the National Bank of Qatar signed a joint financing contract with Universal Engineering Industries to provide working capital for the company, within the framework of the Central Bank of Egypt initiative to support industrial activity.

The finance contract was signed today, Monday, by Sharif Riyad, head of the bank credit group for companies and syndicated loans, representing the National Bank of Egypt as a primary salary and marketer for financing, and Bahaa Al-Shafi’i, head of the credit and investment sector, representing Qatar National Bank as a finance agent and a primary salary and marketer for finance, and the engineer Yousry Qutb, Chairman and Managing Director of Universal Company.

This alliance comes in line with the role played by both the National Bank of Egypt and the National Bank of Qatar under the umbrella of the Central Bank of Egypt initiatives to support the various economic sectors, especially in light of the challenges and current conditions and their expected economic and social consequences.

It also comes to targeting the strengthening of the Egyptian economy and alleviating the burdens placed on industrial companies and helping them to continue their activities and investment plans.

It mainly aims to maintain the existing employment of the company and not be affected by these consequences, especially in light of the economic pressures resulting from the outbreak of the Corona virus worldwide, and the belief of the two banks in the importance of the industrial and agricultural sector in driving the Egyptian economy and maintaining high economic growth rates.

The alliance emphasizes the vital role of the banking sector in maintaining the wheel of production and the ability of banks to achieve effective integration to serve and support Egyptian industry.
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