Benya Company for Optical Fiber Cables, one of the companies of Benya Group, and Banque Misr signed a financing contract worth 481 million pounds. Cairo ICT on 07/11/2021.

The financing aims to establish the largest fiber-optic cable factory in Egypt and Africa to cover the demand for fiber-optic cable products in Egypt, the Middle East and Africa, in addition to providing high-quality cables due to their production in cooperation with one of the world’s leading optical cable companies, “Corning” company. In partnership with the Arab Organization for Industrialization, the largest industrial authority in the African and Arab region. The project is located in a privileged location in the Suez Canal Economic Zone on an area of ​​40,000 square meters.

Lieutenant-General Abdel Moneim Al-Terras, Chairman  of the Arab Organization for Industrialization, emphasized the implementation of the directives of President Abdel-Fattah Al-Sisi to promote the state’s plan for digital transformation, implement advanced technological infrastructure and expand digital services in accordance with Egypt’s 2030 vision. Al-Terras expressed his pride in the cooperation The permanent and fruitful with Banque Misr, praising the positive and pioneering approach of the bank in encouraging the local product and supporting the Egyptian industries, whose effects are reflected in boosting the Egyptian economy and creating more job opportunities in various sectors. Pointing out that with this partnership, we aim to establish a national industry of advanced technological infrastructure for networks and communications that meets the needs of development projects and smart cities inside Egypt and open outlets for export to the African and Arab region.

In this context, Eng. Ahmed Makki, Chairman and CEO of Benya Group, said, "We are pleased to cooperate with Banque Misr, the leading bank in the banking sector, and through this cooperation we seek to obtain financing to establish the largest fiber-optic cable factory in Egypt." And Africa, in partnership with the Arab Organization for Industrialization, 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.”

Mr. Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, said, “Bank of Egypt’s undertaking of this financing is a continuation of its pioneering role in supporting the Egyptian economy, stressing the importance of the role of Banque Misr’s trained cadres to conduct the necessary studies for such financing with high efficiency, and Banque Misr’s constant keenness to Financing value-added projects that reflect positively on the Egyptian economy, and we are very pleased to provide the necessary financing for projects that aim to produce a high-quality local product to replace the products that are imported, which in turn affects the reduction of imports.”

Mr. Mohamed Khairat, Head of Corporate Credit and Syndications at Banque Misr, said, "Our financing for one of the projects in the communications and information technology sector comes from the bank's keenness to achieve Egypt's vision "2030", and to support the state's plans towards digital transformation, which ensures the continuous demand for The sector’s products and services, as well as the government’s plan to develop the telecommunications and information technology infrastructure using fiber-optic cables for all governorates, in addition to the smart cities that the state is establishing and relying mainly on fiber-optic cables.

It is worth noting that Benya Group is a leading institution 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. Bunya offers, through its advanced professional and institutional system, a rich package of products, services and digital solutions. It covers the technological value chain, on which developed countries and institutions depend. This package includes technical communication services and solutions related to information security, massive data and information platforms, design and implementation of integrated technological systems and proactive technical solutions.

Thanks to its tangible successes in the design and implementation of many integrated and non-traditional projects, the group has been able in record time to establish the associated image as the main player in the field of digital transformation in emerging markets, and a reliable partner for governments, institutions, and international and regional companies alike, in designing Implementation of mega projects for digital transformation.