A Memorandum of Understanding between Attijariwafa bank Egypt, The Egyptian Federation for Construction and Building Contractors and The African Federation for Construction Contractors’ Associations

Cairo, 30th of January 2019: The Egyptian Federation for Construction and Building Contractors (EFCBC), and the African Federation for Construction Contractors’ Associations (AFCCA) signed a Memorandum of Understanding (MOU) with Attijariwafa bank Egypt aiming to promoting qualified contracting companies to increase the exporting of their services to African countries and surge their market shares. The two parties agreed to extend their regional cooperation in the African continent to promote the contracting industry in the region by offering a full banking and financial services portfolio favoring the contracting companies. A number of senior executives attended the signing ceremony from both sides headed by Engineer Hassan Abdel Aziz, Chairman of the Egyptian Federation for Construction and Building Contractors and Head of the African Federation for Construction Contractors’ Associations, and Ms. Halla Sakr, Managing Director of Attijariwafa bank Egypt.

The MOU reaffirms Attijariwafa bank Group’s strategy, which prioritizes the effective existence in African markets, where it believes in Egypt’s significant position in the African continent, and its ability to achieve actual cooperation among the African countries. The MOU also contributes to increase the exporting of the contracting companies’ services to countries, in addition to increasing their market shares. This cooperation between the two parties empowers the African countries that need to develop their processes in various sectors, including infrastructure, housing and energy projects, to achieve prosperity, growth and improve the services provided to citizens of the African countries.

Engineer Hassan Abdel Aziz also expressed his pleasure to the cooperate with Attijariwafa bank Egypt, pointing out that this cooperation is a positive indicator to the success of the Federation’s efforts in providing the appropriate atmosphere for companies wishing to penetrate foreign markets. The signing also comes in line with the African Federation’s vision for the construction contractors, and complements its effective role in providing all forms of support and enhancement to national companies in African markets. Furthermore, the MOU contributes to creating qualified African calibers and opening unlimited horizons for the African contractor to achieve sustainable and comprehensive development of the African countries, especially with the availability of all potentials and capabilities within the continent, which will eventually reflect on their population.

On her side, Ms. Halla Sakr, Managing Director of Attijariwafa bank Egypt, stressed on the importance of the MOU and stated that the cooperation between the two parties is in line with the country’s strategy, which places greater emphasis on the need for trade exchange and African cooperation, especially after the announcement of Egypt’s presidency of the African Union in 2019. She stated, “We are pleased with the memorandum of understanding that was signed today with the Egyptian Federation for Construction and Building Contractors and the African Federation for Construction Contractors’ Associations and we are always keen on supporting African countries and enhancing our effective presence in the region. The Bank has also put into consideration the construction sector needs, which the African continent is in dire need of, in order to develop its countries in all sectors including infrastructure, housing, energy projects, etc.…”. Sakr also stressed that the parties of this memorandum will provide, through their cooperation together, different forms of support and enhancement to the African countries to achieve this objective.

She also highlighted that through this cooperation, the Bank intends to extend regional cooperation in Africa to promote the contracting industry in the region by providing a full banking and financial services portfolio to the companies of the Egyptian Federation for Construction and Building Contractors and the African Federation for Construction Contractors’ Associations.
Ms. Sakr confirmed that Attijariwafa bank is aiming to benefit from the local and regional companies through the Group’s expertise, especially in the field of project finance, advisory services, financing international business operations and risk management, as well as benefiting from the strong presence of the Group in Africa.