Egyptian SMEs need export trading company: Afrexim Bank

CAIRO – 19 September 2017: Egypt needs an export trading company to help connect small and medium enterprises (SMEs) to the global market, President of African Export-Import Bank (Afrexim Bank) Benedict Oramah said Tuesday.

In an interview about the role of multilaterals and investors on the second day of Euromoney Egypt Conference, Oramah said that this company would change the size and impact of SMEs in the Egyptian economy.

“SMEs can’t trade by themselves but they can be a growing engine to promote exports in the country,” Oramah said.

On the sectors they support, Oramah said that they financially support exports engineering services, “because Africa needs infrastructure,” he said, adding that they also provided help to promote pharmaceuticals in Egypt.

The Afrexim Bank is cooperating with the Central Bank of Egypt, the National Bank of Egypt and Banque Misr to provide $500 million in facilities to SMEs and their supply chains.

The total portfolio of Afrexim Bank for Egypt is $5.2 billion, Oramah added.