November 9, 2021

Banque Misr, Benya Cables pen EGP 481M deal for fibre factory


ArabFinance: Benya Cables, a subsidiary of Benya Group, signed a financing contract worth EGP 481m with Banque Misr to establish a fibre-optic cable factory, the largest in Egypt and Africa, the bank said in an emailed statement.

The contract was signed on the sidelines of the Cairo ICT exhibition.

The project will be implemented in cooperation with US Corning Incorporated and the Arab Organization for Industrialization (AOI).

Located in the Suez Canal Economic Zone (SCZone), the factory is spanned over an area of 40,000 square meters.

Abdel Moneim Al-Terras, Chairperson of AOI, said the new factory comes in line with the directives of President Abdel Fattah Al-Sisi to enhance the state’s digital transformation process, establish advanced technological infrastructure, and expand digital services in accordance with Egypt’s Vision 2030.

“We are pleased to cooperate with Banque Misr to obtain financing to establish the largest fibre-optic cable factory in Egypt and Africa, in partnership with AOI, the leading industrial corporation in Egypt, the Middle East, and Africa. The financing is in the form of a long-term financing package to finance the establishment of the factory, the purchase of machinery, equipment and production requirements, as well as the financing of working capital when production begins,” Ahmed Mekki, Chairperson and CEO of Benya Group, commented.

For his turn, Mohamed El-Etreby, Chairperson of Banque Misr, said that the financing is a continuation of its pioneering role in supporting the Egyptian economy.

Benya Group is a leading organization in designing and implementing integrated solutions and products in the field of communications infrastructure and digital transformation in Egypt, the Middle East and the African continent.

The company offers, through its advanced professional and institutional system, a rich bouquet of products, services and digital solutions. It covers the technological value chain, on which developed countries and institutions depend.

arabfinance


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