Egypt is targeting finances from the African Export-Import Bank (Afreximbank) to support internal trade projects and its food exports to Africa.
This comes after the Egyptian Minister of Supply Khaled Hanafy had met Wednesday with Benedict Oramah – Afreximbank’s Executive Vice President.
The two parties explored means of benefiting from the Afreximbank’s $500 million Egypt-Africa trade promotion programme to support Egypt’s internal trade projects as well as exports of the state-owned Food Industries Holding Company (FIHC)’s affiliates to the African markets.
Afreximbank has recently launched a trade finance programme to support Egypt’s exports to African markets.
“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.
Oramah asserted that his bank would provide the financial support necessary to allure investors from all the African countries so as to carry out projects in Egypt, notably the Logistics Centre for Grain Handling.
Afreximbank will also support the Egyptian exporters in opening up new markets for products made by FIHC’s affiliates, such as brown sugar, food products, juices, and etc, Oramah noted.