Suez Canal Bank has provided a EGP 2.35bn (USD 46mn) credit facility to Ashry Steel Group, a well-known steel producer in the MENA region and one of the five largest steel producers in Egypt. This financing is expected to enable the group to meet its working capital needs, increase its production capacity, and strengthen its export activities. With this cooperation, the Bank once again emphasised its mission to support the industrial sector and contribute to the growth of the Egyptian economy.
The signing ceremony was attended by senior executives from Suez Canal Bank and the leadership of Ashry Steel Group. Akef El Maghraby, CEO of the bank, emphasised the importance of providing financing to sectors that grow the national economy, while Ayman El-Ashry, President of Ashry Steel Group, said that this loan will increase the competitiveness of the group in local and international markets.
Established in 1978, Suez Canal Bank serves individual and corporate customers throughout Egypt with its 53 branches and extensive ATM network. The bank aims to support the growth of the economy and strategic sectors such as steel by providing innovative financing solutions, and this protocol is a part of this approach.
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