Czech Export Bank earmarks $300 million for new investments in Egyptian market

The state-run Czech Export Bank has earmarked $300 million for new projects in the Egyptian market, Czech Minister of Foreign Affairs Jakub Kulhánek announced on Sunday.

The allocated money represents 75 percent of the current volume of the Czech products in Egypt, Minister Kulhánek further said during his visit to Cairo to attend the Egyptian Czech Business Forum, organised by the Federation of Egyptian Chambers of Commerce (FEDCOC).

The Egyptian Czech Economic Forum was also attended by Egyptian Minister of Foreign Affairs Sameh Shoukry.

According to Kulhánek, the financial institutions and banks in the Czech Republic have started helping companies to inject new investments into the Egyptian market and boost bilateral trade between the two countries.

The current major projects in energy, construction, recycling, water management, and transportation development have made Egypt an attractive market for all international companies, the Czech minister added.

Meanwhile, FEDCOC’s President Ibrahim Mahmoud El-Arabi emphasised on Egypt’s willingness to improve bilateral trade with the Czech Republic which exceeded $530 million with an average growth rate of 15 percent over the past six years.

The Czech Republic has so far invested $54 million in 48 companies in Egypt, El-Arabi said.

Czech Minister of Foreign Affairs, Jakub Kulhánek speaks at the Czech Egyptian Business Forum in Cairo on Sunday, August 2, 2021 (Photo Credit: Egyptian Ministry of Foreign Affairs)
Egyptian Minister of Foreign Affairs Sameh Shoukry held a press conference later with his Czech counterpart Jakub Kulhánek to bolster bilateral relations, in Cairo on Sunday, August 1st, 2021 (Photo Credit: Egyptian Ministry of Foreign Affairs)
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