Banque Misr has signed an export credit insurance agreement with the Export Credit Guarantee of Egypt Company (EGE).
The deal aims to protect exporters from Banque Misr customers against the risk of non-payment of Letters of Credit (LC) issued by the importer’s bank.
Banque Misr puts export finance services on top of its priorities, in order to support the Egyptian government’s drive to increase exports to the African continent.
The agreement was signed by Chairperson of Banque Misr Mohamed El Etreby and EGE Chairperson Mervat Sultan, in the presence of Vice Chairperson of Banque Misr Akef Al-Maghraby.
This agreement enables Banque Misr to diversify the mechanisms that enhance and support the capacity of the Egyptian exporter in high-risk countries, especially in African and Latin American countries, and enable it to expand in those markets.
The EGE was established in accordance to a law issued in 1992 with the aim of supporting Egyptian exports. It provides export credit insurance services and helps the Egyptian exporter to obtain export financing.