Egypt to launch $600 million Africa export credit guarantee firm – c.bank

Egypt’s central bank board approved on Thursday the launch of a company with capital of $600 million to guarantee credit for exports to Africa.

The new company is aimed at supporting industrial and service exports to Africa, as well as help Egyptian construction firms to win major projects from African governments, a statement by the central bank read.

The decision to set up the company followed studies with the African Export-Import Bank, the project’s technical adviser.

Egypt, which assumed the African Union presidency this year, is seeking to become a gateway for business with Africa, working to boost its trade with African countries.