BADEA provides $250M in credit lines to finance Egyptian exports to Africa

CAIRO – 18 April 2017: The Arab Bank for Economic Development in Africa (BADEA) has allocated $250 million as lines of credit to finance Egyptian exports to Africa, Ministry of Investment and International Cooperation said Tuesday in a statement.

BADEA is an independent international financial institution that aims to support economic, financial and technical cooperation between African and Arab countries.

"We are looking for more financial support from BADEA to African countries as Egypt is interested in strengthening its relations with Africa," Minister of Investment and International cooperation Sahar Nasr was quoted as saying in the statement.

She revealed that the coming period will witness stronger presence of the Egyptian constructions companies in Africa as well as delegating experts from Cairo to improve and develop African skills.

This came during Nasr’s meeting with the Director General of BADEA, Sidi Ould Tah, on the sidelines of the common annual meetings attended by Arab financial institutions.

Nasr also met with Fahd El-Rashid, General Manager of the Arab Investment and Export Credit Guarantee Corporation (Dhaman), where they discussed supporting and encouraging Egyptian exporters to boost their exports to Arab and non-Arab countries.

Dhaman is a multinational organization that provides guarantee services against commercial and non-commercial risks, promote the flow of Foreign Direct Investment (FDIs) into Arab countries and enhances Arab exports through providing political and commercial risk insurance to Arab exporters.