$500m credit line to finance Egyptian exports to Africa

Industry and Trade Minister Munir Fakhry Abdel Nour said on Monday that the African Export-Import Bank has decided to provide a line of credit worth 500 million U.S. dollars to finance the Egyptian exports to Africa as part of efforts to face lack of finance.

Abdel Nour made the remarks to MENA on the sidelines of his participation in the third ministerial meeting of the COMESA-EAC-SADC, which is being held in Egypt’s Sharm El Sheikh city.

"There are several challenges facing this economic integration, including that the Egyptian product shows no interest in the African markets," Abdel Nour said.

He pointed out to a challenge pertaining to means of transporting goods. "A land line will be established between Cairo and Cape Town in South Africa to overcome this challenge," he said.

He added that the conference will discuss the development of maritime transport means in the Red Sea and the Indian Ocean to connect the Egyptian ports with the African ports.
Source: MENA