CIB, SACE collaborate to boost Egypt-Italy relations
The Commercial International Bank (CIB) in Egypt recently entered into an agreement with the Export Credit Agency in Italy, SACE. This strategic partnership aims to strengthen cooperation between the two countries.
The agreement focuses on fostering mutual collaboration and creating business growth opportunities through specialized programs. These initiatives include export credit facilities, with a potential value of up to €120m, targeting specific sectors and projects.
Omar El-Husseiny, Head of Treasury and Capital Markets at CIB, and Michele Ron, CEO of International Business at SACE, signed the memorandum of understanding during the Egypt-EU Investment Conference held on 29-30 June.
CIB’s prominent position as Egypt’s largest private sector bank underscores its reputation for successful partnerships. This collaboration aligns with the government’s goal of increasing private sector involvement in development efforts.
El-Husseiny expressed pride in this significant agreement, emphasizing its role in driving sustainable economic growth in Egypt. He highlighted the positive impact on Egyptian exports and competitiveness.
Furthermore, CIB remains committed to attracting vital partnerships, securing contracts, and directing investments to benefit the national economy. The bank actively cultivates strategic relationships with major international institutions and leading organizations worldwide.