The African Export-Import Bank (Afreximbank) has welcomed the Egyptian Government’s clear resolve to develop economic ties with the rest of Africa, saying that that approach was in line with the Bank’s mandate of expanding trade activities among African countries.
Afreximbank President Jean-Louis Ekra made the assertion in Sharm El Sheik, Egypt, at a meeting with Egyptian President Abdel Fattah Al-Sisi during a breakfast meeting hosted by Mr. Al-Sisi for a selected number of CEOs to thank them for their contribution to the success of the Egypt Economic Development Conference.
Mr. Ekra told President Al-Sisi that Afreximbank was providing full support to Egyptian companies expanding their trade activities to other parts of the African continent and to the rest of the world.
He noted, in particular, that the Bank had recently launched a $500 million Egypt-Africa Trade Promotion Programme, which would support Egypt-Africa trade in a two-way direction, facilitate pre-financing of exports from Egypt to the rest of Africa and provide payment assurance to entities engaged in eligible transactions, including payment and country risk guarantees.
The programme was also supporting investments by Egyptian businesses in other African countries and enabling Egyptian export manufacturers to retool their plants in order to further improve efficiencies and competitiveness, stated the President
That programme was launched with the support of the Egyptian Ministry of industry, Trade and Small and Medium Enterprises with which the Bank collaborated in organising a business forum on 24 February 2015.
The Afreximbank President also briefed President Al-Sisi about Afreximbank’s role and mandate in promoting intra- and extra African trade and told him about some of the programmes and facilities which the Bank provides to African businesses to assist them to develop and expand their trade activities.