Egyptian Commercial Service (ECS) and Banque Misr have signed a cooperation protocol to launch finance programmes for supporting Egyptian exports to global markets in general, and Africa in particular.
Egypt’s Minister of Trade and Industry Nevine Gamea and Vice Chairperson of Banque Misr Akef Al-Maghrabi witnessed the signing ceremony of the cooperation protocol.
Gamea said that the protocol, which will last for one and a half years starting January 2021, supports the ministry’s current approach to increasing Egyptian exports to various global markets, as well as its strategy to expand in African markets.
She indicated that the protocol aims to develop the competitive advantages of exports, qualify new exporters and small manufacturers, in addition to organizing workshops to raise awareness among exporters of the target markets. In addition, the ministry aims to send promotional trade missions from several sectors to African markets.
Ahmed Maghawry, head of the ECS, highlighted the role of the agency in maximising banking services and financing programmes provided by Banque Misr under the new protocol, with estimated financing of EGP 22m. The ECS will also nominate companies and factories wishing to cooperate with the bank to benefit from the protocol. This is in accordance with the plan prepared by the Africa Administration at the ECS which aims to increase Egypt’s exports to $30bn during the next period.
He added that training workshops will also be organised for export companies, especially small exporters, about best export mechanisms and shipping documents, in cooperation with trainers from Banque Misr. In addition, the ECS will organise promotional activities, including six commercial missions and five commercial weeks, to a number of African countries.
Shehab Zeidan, head of the banking products sector for companies and financial institutions at Banque Misr, stressed the bank’s keenness to support exporting companies, and to facilitate their access to its financing and non-financing services.
Zeidan indicated that the bank will commit, in accordance with the protocol, to providing the ECS with information and data on trade finance and promotion programmes, in addition to providing trainers to conduct meetings and workshops on international trade operations, shipping documents, and companies’ financing needs.