Listen to this article
As part of its commitment to supporting small and medium-sized enterprises (SMEs) and strengthening its role in enabling them to achieve sustainable growth, Abu Dhabi Commercial Bank – Egypt (ADCB Egypt) has signed a cooperation protocol with ECOVIS Consulting to provide specialized advisory solutions that contribute to developing the financial, administrative, and operational capabilities of SMEs, enhancing their competitiveness, and strengthening their readiness for growth and their ability to capitalize on investment opportunities. The agreement was signed by Mr. Ihab ElSewerky, Chief Executive Officer and Managing Director of ADCB Egypt, and Mr. Mohamed Saeed Kamel, Chief Executive Officer and Managing Director of ECOVIS, in the presence of a number of senior executives and officials from both parties.
This agreement comes as part of the Bank’s commitment to enhancing the banking and non-banking offerings available to its SME clients, enabling them to address challenges and develop their business models on more efficient and sustainable foundations. It also aims to help them improve their financial resource management by leveraging specialized advisory expertise in financial planning, economic feasibility studies, restructuring, the development of governance and internal control systems, and risk management. Enhancing these companies’ readiness to obtain financing is one of the key pillars of the cooperation. The collaboration also extends to providing advisory services related to the International Financial Reporting Standards (IFRS) and the IFRS Sustainability Disclosure Standards, IFRS S1 and IFRS S2, in addition to supporting companies seeking to attract investors or expand their operations, and organizing specialized training programs and seminars to enhance financial and administrative awareness.
In this context, Mr. Ihab ElSewerky, Chief Executive Officer and Managing Director of ADCB Egypt, said: “We believe that supporting small and medium-sized enterprises is one of the fundamental pillars of achieving sustainable economic growth, given their important role in stimulating investment, creating job opportunities, and enhancing the productivity and competitiveness of the Egyptian economy. Accordingly, we are committed to delivering added value to our SME clients that goes beyond providing distinguished banking solutions and services to include access to specialized advisory services that help them develop their financial and administrative capabilities, improve business efficiency, strengthen their readiness to obtain financing, and achieve growth and expansion. This represents a contribution to supporting this sector and advancing the State’s efforts to alleviate economic burdens, stimulate the role of the private sector, and drive investment and production, in line with the State’s objectives of achieving sustainable economic development and Egypt Vision 2030. We are therefore keen to select partners from among international institutions capable of transferring their expertise to this vital sector.”
For his part, Mr. Mohamed Saeed Kamel, Chief Executive Officer and Managing Director of ECOVIS, said: “This strategic and professional cooperation with a leading banking institution of ADCB’s stature reflects mutual trust and a shared commitment to delivering the highest levels of quality to its clients. This will be achieved by providing specialized advisory services, supporting growth and expansion, improving financial and operational performance, restructuring businesses, and supporting and assisting small and medium-sized enterprises in achieving growth and stability and facilitating their access to financing and appropriate banking services in accordance with the Bank’s rules and regulations. This will draw on the expertise of our local team in Egypt and the global reach of ECOVIS, which operates in 90 countries and has 19,000 experts worldwide. We look forward to this cooperation yielding results that provide comprehensive support to Abu Dhabi Commercial Bank and its clients.”
The cooperation between Abu Dhabi Commercial Bank – Egypt, a member of Abu Dhabi Commercial Bank Group (ADCB), one of the largest financial institutions in the United Arab Emirates, and ECOVIS Egypt Consulting, a member of the global ECOVIS network specializing in financial, economic, and administrative consulting and restructuring, reflects both parties’ commitment to combining their banking and advisory expertise to support small and medium-sized enterprises and enhance their opportunities for growth and expansion.