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United Bank, Afreximbank cooperate to maximise volume of Egyptian exports to Africa - Daily News Egypt

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United Bank, Afreximbank cooperate to maximise volume of Egyptian exports to Africa

Afreximbank guarantees export earnings of Egypt, protects them from risk of non-payment, United Bank provides a package of services to increase volume of foreign trade in African markets, says El-Kady

The United Bank and the African Export-Import Bank (Afreximbank) announced launching a cooperation programme to provide financing and insurance packages for Egyptian exporters.

This cooperation comes within the framework of the continuous efforts of the United Bank to maximise the volume of Egyptian exports to foreign markets, especially African markets.

According to Ashraf El-Kady, chairperson of the United Bank, the bank will provide funding for Egyptian exporters, while Afreximbank would guarantee the Egyptian export earnings and protect against the risks of non-payment in 50 African countries.

El-Kady said that the digital technological solutions offered by the bank to the Egyptian exporters is an effective tool to promote business activity between countries, especially, African countries, pointing out that the studies proved that the African countries have a high technological banking infrastructure, which enabled some African countries to expand the financial inclusion, curb poverty, and achieve development.

He added that the bank offers an integrated system of digital banking services, under the name of Your Bank Online to Egyptian exporters that enable them follow up on exporting process and conclude all their banking transactions in seconds without going to the branches.

“Egypt plays a pivotal role in the movement of trade on the African continent, through the export of Egyptian goods and services to African markets, or through the Egyptian direct investment and the transfer of human and modern technological expertise, and also through the transit of goods and services overseas through ports and Egyptian territory,” El-Kady said.

He pointed out that the volume of Egyptian exports to the African continent has grown and increased by about $1.6bn in 2017, which is small compared to Egypt’s export potential, and therefore African markets still have a great ability to absorb Egyptian products.

According to El-Kady, the development of Egyptian exports to African markets should be based on partnership and integration of economic activity among African countries and governments, stressing the need to benefit from the African economic blocs as a major starting point to promote joint African action.

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