Afreximbank
Egypt could potentially see fresh funding from the African Export-Import Bank (Afreximbank) by the end of the year, according to explained Executive Vice President of Global Trade Bank of Africa at Afreximbank, Haytham El Maayergi, speaking to Asharq Business
The establishment of the fund comes to implement two key axes of the current strategy of the bank, which are export development and manufacturing, and enhancing intra-continental trade.
Awani mentioned during a press conference that the number of visitors to the fair, whether in person or virtual, reached 28,282, with the number of exhibitors totaling 1,939.
The trade director shared that the bank and Hassan Allam Holding signed a $200 million credit facility to support its projects across Africa and the Middle East
Oramah highlighted that Afreximbank's system, aimed at achieving continental integration and economic prosperity, seeks to enhance competitiveness in cross-border trade.
The deal is anticipated to benefit approximately 573 small to medium enterprises over three years, with 75 percent of these businesses being women- and youth-led.
The announcement of a forthcoming launch of a joint financing fund for African filmmakers, directors, and producers, both within the continent and in diaspora countries, during 2024.
The event is expected to attract participation from 75 countries and feature 1,600 exhibitors. It is projected to facilitate trade and investment deals amounting to $43 billion.
Afreximbank and the Administrative Capital for Urban Development signed on Thursday a contract for the former to purchase a land plant whose surface area is 50,000 square meters.
Dubbed AfriCaribbean Trade and Investment Forum 2022, the forum will be held under the theme “One People, One Destiny--Uniting and Reimagining Our Future”.
Chairman and CEO of Banque du Caire, Tarek Fayed, emphasized in a statement the importance of this step, as Egypt will become one of the largest shareholders of the Afreximbank, which plays an important role in promoting trade between Africa and the world.
The bank has pumped $20 billion over the past five years to support African trade.
Sisi added during his speech that infrastructure must be developed in Africa to change the face of the African continent.
This came during his speech at the 29th annual meeting of the African export-import bank (Afreximbank) held in the administrative capital in Egypt.
The Afreximbank is a pan-African multilateral financial institution concerned with financing and promoting trade within and outside Africa.
Themed “Realizing the AfCFTA Potential in the post COVID-19 Era—Leveraging the power of the youth”, the Afreximbank annual meetings will include Advisory Group Meetings and the Annual General Meeting of Shareholders, complemented by seminars and plenaries.
Afreximbank always seeks to get trade and investment parties across Africa to join hands, she added.
He added that out of the $2.7 billion worth of direct financing the bank has approved for Egyptian companies this year, $1.6 billion has been disbursed, while the rest is expected to be disbursed within the next few days.
The event is part of their shared effort to foster sustainable development as Africa recovers from the COVID-19 pandemic.
The Bank has also provided $300 million to the National Bank of Egypt to support activities aimed at expanding intra-African trade.
