Export Development Bank has provided $1.5 to fund trade since Egypt pound float

Egypt’s Export Development Bank has provided around $1.5 billion in letters of credit to fund trade since the country floated its currency in early November last year, its Chairman Mervat Sultan said.

Sultan told Amwal Al Ghad that the bank has collected so far a sum of $700 million from the clients.

The bank has also launched a number of saving certificates including a triple certificate with a return up to 19.75 percent, which succeeded in attracting an amount of 700 million Egyptian pounds in early days of launch.

Export Development Bank aims to increase its personal financing portfolio to an amount between 750 million pounds and one billion pounds during 2018. It is currently organising to launch products for personal loans and credit cards.

The bank is also putting the small and medium enterprises a priority, thus it aims to increase the SMEs portfolio that registered 2.8 billion pounds by 35 percent during 2018, Sultan added.

The bank is set to open five new branches during 2018 in Aswan, Beni Sue, Suez, the fifth Settlement, and Hurghada, increasing its network to 35 branches spread all over Egypt.