Cairo, December 16, 2024- CIB, Egypt’s leading private-sector bank, has become CFI’s official sponsor, one of the largest chambers within the Federation of Egyptian Industries (FEI), to support the Egyptian government’s plan to raise commodity exports to USD 100 billion.
CFI plays a pivotal role in driving Egypt’s industrial and export activity. It is one of the largest within the federation, with approximately 24,000 companies. In 2023, the food industries exports, along with the agricultural crops sector reached USD 8.8 billion. This partnership complements CIB’s strategic direction to support the key targeted industries. Moreover, it aims to bolster the competitiveness of Egyptian food industries, focusing on expanding their presence across global markets.
This one-year sponsorship agreement aims to provide comprehensive financial and non-financial solutions. Furthermore, it will host a series of capacity-building workshops focusing on access to finance, export readiness, and compliance with Food Safety Authority requirements, enabling CFI to achieve sustainable growth and expand its market reach. CIB will also provide council members free access to over 60,000 training programs through Al-Mentor platform- a digital platform that offers bilingual courses. In addition, CIB’s Business Solutions Program provides members with discounted rates on non-financial services to develop and expand their businesses.
Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member at CIB, said, “We are pleased to sponsor the CFI, as this sponsorship agreement underscores the bank’s commitment towards empowering small and medium-sized enterprises and providing the needed financial and non-financial support. This partnership will enable CFI to build a sustainable future for the food industry.”
Mr. Rashwan Hammady, CEO Retail Banking & Financial Inclusion, stated, “CIB is keen on supporting companies that wish to grow and expand in foreign markets. Our Business Solutions Program provides companies with the necessary non-financial tools to develop and expand their businesses.”
Eng. Ashraf El Gazairly, Chairman of the CFI, said, “We are pleased to partner with CIB, as this partnership will enhance the industrial environment of the Egyptian food industries sector and promote a positive image on the global and local fronts.”
The signing ceremony occurred during CFI's annual conference, in the presence of several prominent officials and industry leaders. Among those present were H.E. Dr. Hassan El Khatib, Minister of Investment and Foreign Trade; HE Dr. Sherif Farouk, Minister of Supply; Eng. Mohamed El Swedy, Chairman of Federation of Egyptian Industries; Ahmed El Wakil, Chairman of the General Federation of Egyptian Chambers of Commerce; and Yasser Sobhy, Deputy Finance Minister for Fiscal Policies.