The company’s financial position is distinctive, and we maintain sufficient provisions. We issued and renewed guarantees worth 32 billion EGP in the past period.
The electronic signature for guarantees will be implemented next year, along with the launch of a digital platform to expedite transactions with banks.
Cairo, September 23, 2024: CGC Egypt has announced the completion of a new set of interactive services for its banking clients, set to launch in the coming period. This includes the CGC digital platform, which will offer real-time portfolio analysis and secure information exchange services. These features will go live on October 1st, alongside the implementation of an electronic signature application for guarantees in the coming months. Additionally, more digital services will be available on the platform during later phases.
This was announced during a meeting between CGC Egypt officials and members of the SMEs Committee of the Federation Of Egyptian Banks, where the company showcased its future directions and plans to strengthen relationships with banks in celebration of its 35th anniversary.
During the meeting, Khaled Gamal, Managing Director of CGC, emphasized that the company is committed to developing its business and services, noting that October 2024 will mark a new beginning.
Gamal pointed out that the company has a strong financial position and maintains sufficient provisions. He noted that from May to date, guarantees worth 13 billion EGP were issued, while 19 billion EGP in guarantees were renewed, along with disbursements totaling 750 million EGP. Since the beginning of the year, the total guarantees disbursed reached 1.3 billion EGP.
For his part, Rani Sabry, Head of the IT Sector at CGC Egypt, explained that recent efforts have focused on developing the company’s IT infrastructure to enhance its capabilities and facilitate operations for banks. He noted that the CGC platform will provide interactive information reports for each bank, enabling them to access and analyze transaction data with the company and obtain various reports. This will allow banks to analyze their portfolios, identify sectors with higher default rates, and track their balances with the company.
Through the same platform, secure communication channels will be established with banks for sending and exchanging data in compliance with the cyber security framework issued by CBE. Additionally, this year will witness the implementation of electronic signatures for guarantees and various documents exchanged with banks.
The platform will be fully completed next year, enabling secure digitalization of all transactions between banks and the company, allowing banks to carry out numerous operations in real-time, such as issuing new guarantees, renewing existing ones, canceling guarantees, and other processes.
Hisham Halawa, Executive Director of Banking Relations at CGC Egypt, affirmed that the company does not have delays in processing banks’ claims. He also noted that certain criteria must be met by the banks for disbursement, including ensuring that the guarantee is active and that the fees are paid. Moreover, the bank has to adhere to the terms of the credit approval.
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