Emirates NBD, Abdos sign loan facility deal to foster Egypt’s economic development
Updated 12/14/2023 1:04:00 AM
Arab Finance: Emirates NBD-Egypt has signed a medium-term loan facility agreement with Abdos FMCG Manufacturing Company - Egypt to boost Egypt’s economic development and sustainability, an emailed press release showed.
Under the partnership, Abdos has signed a deal with the Suez Canal Economic Zone (SCZone) to set up a factory at Orascom Industrial Parks' Sokhna Complex.
The project is expected to provide 500 direct job opportunities.
“This loan agreement not only holds strategic importance for Emirates NBD-Egypt but also showcases our dedication to supporting economic advancement and sustainability in Egypt,” Managing Director and CEO of Emirates NBD-Egypt Amr El Shafei commented.
“This project aligns perfectly with the bank's agenda of supporting exporters, foreign investment, and the Indian corridors. Moreover, it contributes to the President's directive of attracting diverse foreign investments while aiding in the localization of industries,” Head of Corporate and Institutional Banking Tamer Ragheb said.
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