The National Bank of Egypt (NBE) announced the signing of a short-term financing agreement worth up to EGP 3 billion in favor of U Consumer Finance, commercially known as valU. The agreement comes as part of NBE’s ongoing efforts to support the non-banking financial sector, enhance financial inclusion, and expand access to innovative financing solutions across the Egyptian market.
Senior Executives Attend the Signing Ceremony
The agreement was signed in the presence of Soha El Turky and Yehia Aboul Fotouh, Deputy CEOs of the National Bank of Egypt, alongside Walid Hassouna, CEO of valU, and senior representatives from both institutions. The signing reflects the strategic importance of the partnership between the bank and the consumer finance company.
NBE Reaffirms Commitment to Innovative and Responsible Financing
Following the signing, Soha El Turky, Deputy CEO of the National Bank of Egypt, stated that the financing reflects NBE’s strong confidence in valU’s business model and its pivotal role in advancing the consumer finance ecosystem in Egypt. She emphasized the bank’s commitment to supporting entities capable of delivering innovative and responsible financial solutions that stimulate domestic demand and strengthen financial inclusion, in line with NBE’s strategy to promote sustainable economic growth.
Strengthening Partnerships with Leading Non-Banking Institutions
El Turky added that this credit facility aligns with NBE’s broader direction to deepen partnerships with leading institutions in the non-banking financial sector, ensuring financing flexibility and business sustainability. She noted that supporting companies such as valU contributes to expanding the adoption of modern financing solutions, while maintaining full compliance with regulatory frameworks and professional standards.
Bridge Financing Ahead of a New Bond Issuance
She further explained that the facility is intended to finance valU’s ongoing operations until the completion of procedures related to a new bond issuance. This approach ensures business continuity and enhances the company’s ability to meet the growing demand for consumer finance services in the Egyptian market.
valU: A Strategic Partnership Supporting Expansion Plans
For his part, Walid Hassouna, CEO of valU, expressed his appreciation for the continued collaboration with NBE tdescribing NBE as a strategic partner that supports the company’s expansion plans and strengthens its capacity to serve customers. He highlighted that the financing provides valU with the operational flexibility required to efficiently manage its business during the current phase, while supporting future growth and diversification of funding sources.
A Longstanding Relationship Since valU’s Establishment
Hassouna emphasized that the partnership between valU and the National Bank of Egypt dates back to the company’s establishment, noting that NBE is one of valU’s principal banking partners and a cornerstone of its growth journey. He expressed gratitude for the trust consistently placed in the company by the National Bank of Egypt.
