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PRESSR: Emirates NBD Bank - Egypt and Abdos FMCG Industry - Egypt establish a strategic partnership to enhance economic prosperity and sustainability in Egypt
Cairo, Egypt : Emirates NBD Bank - Egypt, a subsidiary of the leading banking group Emirates NBD Bank in the Middle East, North Africa and Turkey, recently made a big step into the Egyptian market. The bank entered into a strategic partnership with Abdos FMCG Industry - Egypt, where it signed a medium-term loan facility, which will open new horizons for both parties involved. This cooperation will not only provide new opportunities but will also contribute to the development of the Egyptian market as a whole.
Abdos-Egypt Company concluded a deal with the Suez Canal Economic Zone to establish a factory in the Orascom Industrial Zones Complex in Sokhna. With the establishment of this factory, it is expected that 500 direct jobs will be created. The decision to establish this manufacturing unit is in line with the vision of the Suez Canal Economic Zone to open up to global markets, especially Asian economies that enjoy strong trade relations with Egypt. The Suez Canal Economic Zone and the Egyptian government are making great efforts to ensure a favorable environment for investors by implementing various financial incentives aimed at attracting new investments.
This partnership between Emirates NBD - Egypt and Abdos - Egypt is seamlessly aligned with the bank's main objectives of supporting foreign investments, promoting sustainable development, and making a positive impact on the communities it serves. Moreover, this cooperation underscores the bank's firm commitment to Egypt's Vision 2030, a comprehensive development plan aimed at driving the country's economic growth.
Amr El Shafei, Managing Director and CEO of Emirates NBD - Egypt, stressed the strategic importance of this partnership in line with the bank’s growth strategy. He stressed, "This loan agreement not only bears strategic importance for Emirates NBD-Egypt, but also demonstrates our commitment to supporting economic progress and sustainability in Egypt."
In response to the global call for sustainability, Emirates NBD - Egypt is directing great efforts towards adopting a green and sustainable approach. The upcoming plant will include a water treatment plant, which will play a vital role in treating wastewater and neutralizing chemicals used during the manufacturing process that can be harmful to the environment and public health. In addition, part of the water will be recycled for the plant's irrigation process or other possible uses.
Tamer Ragheb, Head of the Corporate and Financial Institutions Credit Sector at Emirates NBD - Egypt, added: “This project is completely in line with the bank’s agenda to support exporters, foreign investment and Indian corridors. It also contributes to the President’s directive to attract diverse foreign investments while helping to localize industries, in accordance with the strategy.” Region 2020/2025.”
Abdos-Egypt Company is a subsidiary of Abdos-India. It is a well-established entity, affiliated with the Abdos Group of Companies, with more than 55 years of experience in the consumer goods sector. It is one of the largest contract manufacturing entities in India, offering processing and packaging solutions in the home care, food and personal care categories. They have a proven track record and supply of major international names.
Rajesh Agarwal, a representative of Abdos-Egypt, said: “The partnership between Emirates NBD-Egypt and Abdos FMCG Industry-Egypt through signing a medium-term loan represents a milestone in the Egyptian market. The two parties are now set to explore new avenues.” To grow and contribute to the comprehensive development of the Egyptian economy.”
This important transaction was successfully completed under the supervision of Mr. Tamer Ragheb, Head of the Corporate and Financial Institutions Credit Sector, Mr. Khaled Yahya, Head of the Multinational Companies Sector, Ms. Rana Ashour, Sector Head of the Multinational Corporate Credit Management Sector, in addition to Ms. Alia Khalil, the Relations Manager of the Sector. Credit to foreign and multinational companies.
Emirates NBD Egypt's multinational corporate team played a pivotal role in facilitating the transaction, and as the bank continues to prioritize its growth strategy, this partnership reinforces its dedication to driving economic prosperity and sustainability in Egypt.
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© Press Release 2023
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