On the sidelines of the Africa 2017 Forum, held in Sharm el-Sheikh, The Egyptian Export Development Bank (EBE) and the African Export and Import Bank, Afreximbank, have signed an agreement to provide $500 million in funding through the “Egyptian Export Credit Support Program” in order to increase exports and investments of Egyptian companies to other African countries.
The agreement was signed as part of the strategic initiative of the two banks, with a view to enhancing trade and industrial exchange between African countries, in order to support Egyptian exports and consolidate the relationship between the African Bank for Import and Export with the Egyptian Export Development Bank.
Chairman of the Board of Directors, Mrs. Mervat Sultan, said that in line with the State’s policy towards the growth of Egyptian exports and increasing investment opportunities, the signing of the Convention is the result of the compatibility of objectives between the two institutions. In particular, strengthening and increasing the volume of trade exchange, promoting investment opportunities among African countries, creating investment and commercial opportunities and achieving sustainable economic development in those countries.
She added that the Egyptian Export Development Bank has the expertise to implement this programme, which raises the level of trade cooperation between Egypt and other African countries. It will ensure exports to which the Bank is a principal shareholder, by covering export risks, with the provision of insurance services against the political and commercial risks.
Under the terms of this agreement, the beneficiaries of the programme must be exporters residing in the Arab Republic of Egypt, with only Egyptian products, while importers must be Africans from a member country of the African Export and Import Bank.
