Cairo, 9 June 2021: – African Export-Import Bank (Afreximbank) and Banque du Caire (BDC) today in Cairo signed the agreement formalising Afreximbank’s US$200 million Intra-African Investment Finance Facility to support BDC’s expansion across Africa.
The facility is designed to finance Banque Du Caire’s investments in new branches and subsidiaries while promoting Egyptian trade with the rest of the continent.
Under its three-year expansion strategy, Banque du Caire aims to penetrate several countries across Africa. This ambitious plan builds on the Bank’s existing operational reach, including its 100% stake in Cairo Bank Uganda (CBU), a commercial bank that has been operating in Uganda since 1995. CBU Uganda serves a vast growing customer base through its strong relationships with both Ugandan and Egyptian businesses. It has played a pivotal role in facilitating the growing volume of investment between the two countries.
Prof. Benedict Oramah, President of Afreximbank, said:
“Banque Du Caire is a key champion of intra-African trade and investment, facilitating Egyptian engagement with the rest of the continent. We are therefore delighted to provide this finance facility, which will support the Bank as it embarks on an ambitious expansion programme. Drawing on its rich expertise and track record of success, we are confident Banque du Caire can help forge new ties of investment and collaboration across Africa.’’
Banque du Caire is a multi-award winning, full-service bank able to leverage its deep understanding of local and regional market dynamics and an extensive distribution network across Egypt.
Mr. Tarek Fayed, Chairman of Banque du Caire, expressed his appreciation for the partnership with Afreximbank, guaranteeing that Banque du Caire was working tirelessly according to an ambitious plan to expand in the African market, supporting Egypt’s interest in strengthening its economic ties with the rest of Africa, a doorway for Egyptian products and services in the region.
“Banque du Caire’s vision and policies aim to strengthen the bank’s relationship with various institutions in African countries and expand its network necessary to help Egyptian manufacturers increase their sales. The beneficiaries of these developments are not only the manufacturers, but also the construction and infrastructure corporations, which can expand their business exponentially and increase their exports to the rest of the continent.
– Ends –
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
Follow us on Twitter | Facebook | LinkedIn | Instagram
About Banque du Caire
Established in 1952, Banque du Caire is one of Egypt’s longest-standing banks, with multiple awards garnered over its six-decade track record for its full range of services and products across the corporate and retail segments. The bank has grown to become a leader in the Egyptian banking market by capitalizing on its expansive network across the country, talented individuals, and deep knowledge of the local and regional banking sector.
Banque du Caire is a pioneer in the banking industry, having spurred the institutionalization of microfinance across banks to promote financial inclusion, community development, and entrepreneurial empowerment. The bank has played an integral role in the country’s economic growth since its establishment, having extended financing to corporations across key sectors of the economy.
As the bank has grown and evolved to meet dynamic market needs, it has adapted its service offering accordingly, having now established one of Egypt’s leading digital banking frameworks for both retail and corporate clients.
Media Contact
Afreximbank: Amadou Labba Sall, asall@afreximbank.com