Credit Agricole Egypt allocates funds to finance medical sector

Crédit Agricole will provide exclusive and distinguished financing solutions, where payment facilities will be provided to Ultra Med customers

  
A logo of Credit Agricole is seen outside a bank office in Bordeaux, France, July 30, 2019. Image used for illustrative purpose.

A logo of Credit Agricole is seen outside a bank office in Bordeaux, France, July 30, 2019. Image used for illustrative purpose.

REUTERS/Regis Duvignau

Credit Agricole Egypt has signed a cooperation protocol with UltraTeb to finance the health sector with EGP 200m. The agreement comes in accordance with the Central Bank of Egypt’s (CBE) initiative to support small and medium enterprises (SMEs) and limit the repercussions of the COVID-19 pandemic.

In an official ceremony, UltraTeb was launched as the first electronic platform for providing medical supplies, with innovative bank financing provided exclusively through Credit Agricole Egypt.

The protocol was signed by Wali Lotfy, Deputy Managing Director of Credit Agricole Bank, and Khaled Dabes, CEO of UltraTeb, in the presence of Nevine Shoukry, Head of Retail Banking at Credit Agricole, Yasmine Dabes, Chairperson of UltraTeb, and a number of senior officials in the bank and the company.

Under this protocol, Crédit Agricole will provide exclusive and distinguished financing solutions, where payment facilities will be provided to Ultra Med customers, to provide the necessary medical supplies for hospitals, laboratories and medical centers.

Lutfy said that signing this protocol is part of Credit Agricole Egypt’s efforts to meet the needs of its customers. The bank pays great attention to the health sector, as it is an important strategic sector, as the bank’s strategy aims to achieve leadership in sustainability and customer support, by providing local and international expertise, which contributes to supporting the Egyptian economy.

It is noteworthy that Crédit Agricole seeks to develop the SMEs sector, due to its important and strategic role in the national economy, through the continuous pursuit of developing the portfolio and finding innovative banking solutions to support and grow it, and seek to introduce new segments through a variety of banking products and services that designed to meet operational needs and development plans.

Khaled Dabes said that the protocol aims to finance the company’s customers with payment facilities, and provide financing and investment initiatives for SMEs, which contributes to achieving sustainable growth for this sector and also provide all medical supplies in light of the coronavirus pandemic.

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