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The Suez Canal Authority signed a cooperation protocol with the Industrial Development Bank (IDB) to issue a variety of payment cards, including debit and credit cards, in the name of the authority for its employees responsible for payments. This initiative aims to reduce reliance on cash and promote digital transformation in financial transactions.

Cooperation Protocol to Enhance the Cashless Payment System
On this occasion, Admiral Osama Rabie, Chairman of the Suez Canal Authority, stated:
"This cooperation is part of the Authority’s strategy to develop its financial and administrative systems and to adopt the latest technological methods in payment management."

Rabie added that issuing payment cards for the authority’s employees will contribute to enhancing operational efficiency and reducing cash transactions, in line with the state’s directions towards digital transformation and financial inclusion.

On his part, Hussein Refaie, CEO and Managing Director of the Industrial Development Bank (IDB), said:
"We at the Industrial Development Bank are proud to be a strategic partner of the Suez Canal Authority in this pioneering project. We are committed to providing the latest innovative banking solutions and modern electronic products according to international standards to ensure ease and speed of financial transactions for the authority’s employees."

A National Partnership to Develop Financial Services
Refaie also noted that this protocol reflects mutual trust between national institutions and emphasizes the bank’s role in supporting the Egyptian economy and promoting financial inclusion.

The protocol confirms the continuation of joint cooperation between the Suez Canal Authority and the Industrial Development Bank (IDB) to develop financial services, reinforcing the state’s vision for digital transformation and strengthening the position of both institutions as key pillars supporting the national economy.