The African Export-Import Bank (Afreximbank) will provide $500m in funding to facilitate trade between Egypt and other African member countries of the bank, according to the Minister of Industry and Foreign Trade Tarek Qabil.
Qabil said the funding represents a great opportunity for Egyptian exporters and investors in the African market to increase their exports and investments among the countries of the continent, especially in light of the ministry’s efforts towards opening up to the African market.
The announcement came during the signing of cooperation protocol between the ministry and Afreximbank, headed by Benedict Oramah, entitled “The Egyptian African programme to promote trade”.
The programme targets providing facilitations, including the financing and provision of insurance and guarantees to support Egyptian exports to the bank’s member states, as well as the financing and provision of payment guarantees for Egyptian imports from members of the bank.
This is in addition to financing projects implemented by Egyptian investors in the member states, as well as supporting Egypt’s efforts for the development of small and medium enterprises (SMEs), and developing supply chains through providing credit lines for new companies.
From his part, Oramah said the Egyptian-African Programme for the promotion of trade will increase value-added exports, and provide credit lines for Egyptian manufacturers and exporters of value-added goods to expand the export of Egyptian industrial products to other African countries.
Oramah noted that the current funding value of up to $500m, which may be increased to $1bn for Egypt, should be taken advantage of to meet the planned targets according to the agreed standards with the bank.