CIB – Egypt becomes official banking partner of Food Export Council

Daily News Egypt
4 Min Read

CIB – Egypt has entered into a partnership and cooperation agreement to serve as the official banking partner and platinum sponsor of the Food Export Council (FEC) for the years 2023-2024. This initiative is part of the Egyptian government’s strategy to boost exports to $100 billion.

The announcement was made during the Food Africa exhibition, attended by Hani Barzi, Head of the Food Export Council, and Hani El-Deeb, Head of the Small and Medium Enterprises Sector at CIB.

In a statement, the bank highlighted the FEC’s role as a leading export council, overseeing exports worth $4.5 billion in 2022 and comprising over 550 exporting members. Established in March 2003 by the Ministry of Trade and Industry, the FEC acts as a bridge between exporters and government bodies, facilitating the removal of barriers and enhancing export opportunities.

CIB’s sponsorship underscores its commitment to supporting both existing and prospective FEC members through active participation in events, workshops, and joint meetings aimed at fostering mutual support and collaboration.

The bank also emphasized its dedication to maximizing benefits for exporters, leveraging its extensive network of correspondents, particularly in African markets, and its direct presence in Kenya, aligning with the bank’s ambition to lead the sector.

CIB offers a variety of financial solutions to FEC member companies, including short and medium-term credit facilities, documentary credits, and local letters of guarantee for manufacturers and exporters. These services cater to both existing and new clients, providing competitive credit limits to finance investments.

A key advantage for food industry companies is the ability to utilize these funds to meet the Food Safety Authority’s requirements, facilitating exports to various markets. This includes covering supplier expenses, general costs, salaries, tax and customs dues, and the purchase of raw materials.

Hani Barzi, Chairperson of the Food Export Council, stated that the FEC’s primary objective is to enhance the export environment for Egypt’s food industry sector. This involves improving the sector’s competitive edge and bolstering its global reputation through a range of services.

The Council is actively working to expand Egyptian food exports by opening new markets and increasing the market share in existing ones. This is achieved through organizing specialized trade fairs, and trade missions, hosting importers, conducting bilateral meetings with Egyptian companies, and supporting government policies that aid the growth of food industry exports in collaboration with relevant authorities.

Hani Al-Deeb, Head of the Small and Medium Enterprises Sector at CIB, reaffirmed the bank’s eagerness to assist companies aiming to expand into international markets.

He explained that CIB’s Business Solutions Program offers non-financial services to help companies develop and broaden their business scope. The program covers areas such as export services, logistics, shipping, legal and tax consultations, marketing, and training.

CIB provides a suite of digital banking services, including the GTB Trade Portal and CIB Business Online, offering added value features like remote opening of documentary credits and collection documents, and 24/7 access to a range of services from any device.

Share This Article
Leave a comment