An official Banque du Caire delegation , headed by Chairman and CEO Mounir Zahed, will participate in the New Suez Canal Axis’s opening ceremony in Ismailia, scheduled for 6 August.
Zahed explained that the opening ceremony is one of the largest economic events currently witnessed by Egypt and the world.
He emphasised the importance that all state institutions come together to bring about this event in an image that is worthy of Egypt’s status. This will help attract more investment projects, and have a positive impact on the national economy and boost development.
Zahed added that the bank gives full priority to the Suez Canal Axis development projects and is ready to enter into any alliances to fund any of these projects, through marketed loans or direct financing.
These projects are a major financing opportunity for the bank, Zahed said, as it has the elements for success and comparative advantages, which maximise the economic returns of these projects. These projects are also a priority in the plan of national development.
Zahed added that the bank’s role is not limited to providing funding or credit facilitation for the Suez Canal Axis development project. It also includes helping companies and entities intending to invest in the project. The bank can do this by participating in the economic studies conducted to determine the investor’s capital, the expected cash flows and the return on investments.
He added that the bank has financial models to meet all aspects of the investment projects; whether public and private partnership (PPP) projects, or direct investment in all sectors.
Zahed said the new Suez Canal Axis project is one of the most important projects that the bank is eager to participate in. The bank participated in the project’s first phase through offering the Suez Canal certificates, which amounted to more than EGP 64bn. This is considered one of the largest financing operations that the banking sector has witnessed.
The bank’s second form of participation was through the joint loan offered in benefit of the project, as it participated in the $565m allocated to repay part of the project’s payments. The bank’s contribution amounted to $100m.