QNB…….A Brief about It
QNB is one of the leading financial institutions in Egypt and is ranked as the second-largest private bank in Egypt. The bank always strives to employ its quality and innovative resources to support the Egyptian economy and help its development by expanding financial services and financial inclusion.
The bank offers customized services to corporates, such as financial advisory, project finance, trade finance, cash management, and foreign exchange. Through these competitive services, the bank can create strong bonds with various clients, whether they are from large local companies, multinational subsidiaries, or small and medium-sized businesses.
The size of the loan portfolio and the customer facilities amounted to more than 257.8 billion Egyptian pounds by the end of the third quarter of the current year 2023, in addition to achieving the targeted percentages in the small and medium enterprises portfolio to exceed 25% of the total credit portfolio, according to the directives of the Central Bank of Egypt (CBE).
Signing a MOU between GAFI & QNB
Mr. Hossam Heiba, CEO of The General Authority for Investment and Free Zones (GAFI), and Mr. Mohamed Bedeir, CEO of Qatar National Bank in Egypt (QNB), signed an MOU to enhance cooperation in the field of investment. This comes within the framework of the government’s plan to maximize the role of the local and foreign private sector in promoting investment in Egypt.
What is Included in this MOU?
The MOU signed between both parties stipulates that QNB will promote investment in Egypt internally and through its branches worldwide, and it will inform its clients of the GAFI’s services and the investment opportunities available. In addition, the bank will provide accurate information about the economic sectors that are of interest to clients wishing to invest in Egypt. It will also participate in organizing bilateral and group meetings for the bank’s clients with GAFI’s senior officials during promotional tours inside and outside Egypt.
On the other hand, GAFI will provide QNB with all information and legislation regarding the business environment, investment opportunities, and targeted sectors in accordance with Egypt’s plans and will provide distinguished services to the bank’s customers interested in investing in Egypt.
The Two Parties’ Statements Regarding this MOU
Mr. Hossam Heiba, GAFI CEO, stated that GAFI is signing several MOUs with commercial banks. The most recently signed MoU is with QNB to promote investment and take advantage of the spread of its branches in Egypt and worldwide, provided that GAFI introduces investors to the financing advantages the bank offered to achieve a common benefit to both parties.
On the other hand, Mr. Mohamed Bedeir, CEO of QNB, expressed his appreciation for the vital role played by GAFI in creating and improving the investment climate, overcoming all obstacles facing investors, and working to attract and encourage local and foreign investments.
He stressed that QNB, since its establishment, keen to contribute effectively to supporting the Egyptian economy by holding partnerships and alliances with Egypt’s bodies and sectors to promote investment, leading to economic and social prosperity and achieving sustainable development goals. He then pointed out that the bank combines local experience based on years of confidence in the Egyptian banking market and the extensive international experience of the QNB Group, which recently classified among the strongest banks in the world according to the Bloomberg Classifications.
It is clear that GAFI exerted a great effort to promote investment in Egypt. It has signed several MOUs, one of which is what is signed with QNB. To learn more about this MOU, click here or here.
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