Consortium of 5 banks to establish export support company -- Official

CAIRO - 13 March 2022: Banque du Caire has joined a consortium of five banks tasked with establishing a company to support Egyptian exports and enhance local industrialization.

 

That company should act to increase Egyptian exports to $100 billion , said board chairman of Banque du Caire Tarek Fayed, noting that this comes as part of a strategy meant to help tap new markets.

 

Addressing a conference on the future of small and medium-sized enterprises (SMEs) organized by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor under the auspices of the Federation of Egyptian Banks (FEB), Fayed said that that company should contribute to increasing foreign currency resources and creating competitive local products to replace imports.

 

The SME finance portfolio represents 12 percent of the banking sector’s credit portfolio; i.e. about LE 400 billion, Fayed told the gathering.

 

He made it clear that banks do not only offer financing services and loans to SMEs, but also consultation and technical support.

 

Besides Banque du Cairo, the National Bank of Egypt (NBE), Banque Misr, the Export Development Bank of Egypt (EBank) and the Arab African International Bank (AAIB) are parties to the consortium to establish the export guarantee company.