Trade Ministry inks cooperation protocol with Afreximbank

Minister of Trade and Industry Tarek Qabil announced that the African Export-Import Bank (Afreximbank) will present a 500-million-dollar fund to facilitate the movement of trade between Egypt and different African states that are members in the bank.

This came during inking a cooperation protocol between the Ministry of Trade and the Afreximbank.

This funding represents a big opportunity for Egyptian exporters and investors who are interested in the African market to increase their exports and investments with African states, Qabil said.

The protocol came to cap talks that took place between the ministry and the bank over the past months to boost and ease trade between Egypt and all the African states, he said.

This comes as part of the bank's policy that aims at boosting trade between African states, he added.

The program aims at providing insurance and guarantees to support Egyptian exports directed to the bank member-states, Qabil said.

Qabil asserted that the ministry prioritizes the African market, adding that five new Egyptian commercial offices will be opened in Ghana, Uganda, Tanzania, Ivory Coast and Djibouti.

This is part of the ministry's plan to support and boost economic and trade ties with the African states during the coming stage and achieve highest rates of economic partnership, he said.

According to this protocol, the Afreximbank will provide training services to the Egyptian companies to improve competitive capacity and Egyptian exports via organizing workshops to improve skills of sales and exports and know the opportunities available in the African markets, he added.

On the other hand, Afreximbank's President Benedict Oramah said that the bank aims at boosting and facilitating trade inside the African continent.

Egypt is the first and the most important state participating in the 37-member bank, Oramah said.