Friday, February 26, 2021

“Industries”: A government directive to “AYADI” to provide credit facilities to companies within “village development”

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Abdel Azim: The list of companies wishing to participate will be delivered early next week

Khaled Abdel Azim, Executive Director of the Federation of Egyptian Industries, said that the government has directed Ayadi for Investment and Development to provide credit facilities in several systems for companies participating in the Egyptian Village Development Initiative.

He added during the symposium organized by the Federation with members of the Chamber of Chemical Industries today through the “video conference” technology, to discuss the supply mechanisms within the Egyptian villages development initiative, that this financing will benefit companies that do not have a precedent dealing with banks more.

Ayadi for Investment and Development, in partnership with “NI Capital”, the investment arm of the National Investment Bank, and the Post Investment Company, established a financing company for micro-projects in 2017, with a issued capital of 50 million pounds and an authorized value of 500 million pounds.

Tamwily provides integrated financial products and services supported by technological solutions to provide financing channels for individuals and micro-enterprises, thus enhancing financial inclusion and contributing to job creation.

Abdel-Azim said that the union formed a committee of some members of the board of directors and heads of the chambers of industry concerned with the initiative to develop Egyptian villages, to overcome the obstacles that companies face with government agencies so that they can fulfill the requirements of supply within the initiative.

The executive director of the Federation of Egyptian Industries called on the companies, members of the chambers of industry, to send any problems or obstacles they face to the committee for discussion with the concerned authorities.

The investments of the Syrian villages development project are estimated at 500 billion pounds, of which industrial products and supplies will acquire between 200 and 300 billion pounds, according to the Council of Ministers.

The project’s services include the delivery of drinking water and sanitation to the various areas within those centers, as well as projects for electricity, public lighting, roads, transportation, the delivery of natural gas to homes, and the establishment of health units and educational buildings to serve the residents of these centers.

He said that the Union will hand over to the Ministry of Military Production and the Arab Organization for Industrialization a list of companies wishing to participate in the initiative early next week, provided that the two sides issue a letter of technical promotion of companies to the implementing agencies during the next phase.

He added that the purchase will be through price offers and technical specifications of the products, and previous experience will have weight in the selection process, but it will not be a prerequisite, because the goal is to operate all industrial facilities during the initiative period.

He pointed out that the government wants to know the extent of the companies’ ability to introduce new products that will be needed during the initiative period, provided that it provides the required support for the production of those products.

The article “Industries”: A government directive to “AYADI” to provide credit facilities to companies within “Village Development” was written in the Al-Borsa newspaper.

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“Industries”: A government directive to “AYADI” to provide credit facilities to companies within “village development”