Cairo, 20 November 2015: – Egyptian firms seeking opportunities for increased trade within African markets should take advantage of the expertise and offerings of the African Export Import Bank (Afreximbank), Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, has said.
Mr. Denya told Tarek Kabil, Minister of Commerce and Industry of Egypt, on Wednesday during the opening of the International Ceramics and Sanitary Ware Exhibition held in Cairo from 18 to 21 November, that the Bank had the right mix of knowledge and facilities to assist Egyptian companies trade with counterparties in its 38 African member countries.
He said that with the privileges enjoyed by the Bank in those countries, it could facilitate trade and provide guarantees to secure payments through confirmation of letters of credit issued by African Banks related to transactions between Egyptian exporters and companies based in other African countries.
“In addition to credit, risk bearing and advisory services, we also provides market access services and can, therefore, introduce Egyptian companies to importers across the continent,” he said.
On 19 November, the Bank participated in the Africa Forum, a sideline conference held under the theme “Boosting Intra-African Trade – Egyptian Ceramics and Sanitary Ware Exports”, with Amr Kamel, Afreximbank’s Director of Banking Operations, telling participants that the Bank’s current intervention in the Egyptian market included focus on the expansion of value-added exports, greater access to trade finance, investment support, assistance to small and medium-sized enterprises, and capacity-building.
Amr Kamel, Director Operations, Afreximbank, speaking at the forum
Mr. Kamel, who was speaking on a panel on “Africa Rising”, said that the Bank was focusing on the five key drivers of trade promotion under its Egypt-Africa Trade Promotion Programme, which sought to foster trade and economic cooperation between Egypt and other African countries.
He said that, since its establishment in 1994, Afreximbank had approved $1.9 billion to Egyptian banks and corporates and also supported entities exporting to other African countries in an amount of $500 million.
Ahmed Zayed, Economic African Affairs Advisor and Executive Director of Influence, an Egyptian government and investment firm, who moderated the session, said that the Egyptian ceramic sector exported 80 per cent of its products to Libya, with other Middle Eastern countries as the second main export destination. He urged participants to look toward Africa as a strategic option for the growth of the Egyptian construction industry.
Earlier, Mahmoud Dirir, Ambassador of Ethiopia to Egypt, who chaired the panel, said that Egyptian expertise in the construction sector could add value to African markets, given the continent’s rising middle class.
Also on the panel were Medhat Askar, Chairman of the Construction Export Council and Mr. Hesham El Sedeek, from Mostafa El-Sallab Group.
Media Contact: Fleur Tchibota (ftchibota@afreximbank.com; Tel. +202-2456-4260)
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#Egypt – #Afreximbank disburses $1.9 bln to Egyptian Banks & entities exporting to #Africa. https://t.co/9AEdOj7J4h pic.twitter.com/h9frJ8fD9h
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com