Afreximbank secures $500mn Trade Finance to support Egyptian Businesses in Africa

The African Export-Import Bank (Afreximbank) agreed on Tuesday with the Egyptian government to provide a US$500 million special trade finance programme to support Egypt’s exports to the African markets.

During the Egyptian-African business forum held in Cairo on Tuesday,  Jean-Louis Ekra – President of Afreximbank – referred that Egypt enjoys multiple competitive capabilities to expand into African and global markets.

In collaboration with the Egyptian Industry Ministry, Afreximbank has organised a one-day business forum in Cairo today aimed at promoting improved trade between Egypt and the rest of Africa, with the theme “Unlocking Africa for Egyptian Businesses”.

“This programme will provide financing to Egyptian businesses for exports to and imports from any of Afreximbank’s 37 member countries and will support projects being promoted by Egyptian entities in the member countries,” said Benedict Oramah, the Executive Vice President of Afreximbank in charge of Business Development and Corporate Banking.

The goal of the programme is to reduce the impediments that hinder trade between Egypt and the rest of Africa, particularly those related to access to finance, management of payment, country risks and market access, the Executive Vice President said.

For the forum, it has featured presentations on trade finance in an emergent Africa and on Afreximbank programmes and facilities in addition to two round table discussions focusing on opportunities and challenges faced by Egyptian businesses exporting to or importing from other African countries and on the solutions available through Afreximbank.