Egypt’s Minister of Trade and Industry Nevine Gamea held an expanded meeting with Hisham Al-Safa, Managing Director of the Attijariwafa Bank Egypt, to discuss how the country can benefit from the bank’s presence in Africa.
During the meeting, the two sides reviewed how the bank’s presence in Africa could enhance Egypt’s trade, industrial, and investment cooperation with the rest of the continent.
The minister said that the Egyptian government is keen to increase Egyptian exports to African markets, and open new markets in the continent.
She added that there are significant opportunities to benefit from Attijariwafa Bank’s financing programmes and banking mechanisms. This would help increase Egyptian exports in 15 African countries in which the bank is present, especially in western Africa.
Gamea highlighted the importance of strengthening cooperation between the Attijariwafa Bank, the Egyptian Commercial Service (ECS), and export councils with regard to financing Egyptian exports to African markets.
“Cooperation between the bank and the Egyptian business community is important to enhance industrial integration between Egypt and African continent countries by financing the establishment of Egyptian industrial projects in African countries,” Gamea said, “Additionally, we have to make use of the bank in activating Agadir agreement to increase rates of intra-trade between the member states of the agreement, which includes Egypt, Jordan, Tunisia, and Morocco.”
The minister urged the bank to participate in financing industrial sector programmes in the Egyptian market. This would particularly focus on financing small- and medium-sized enterprises (SMEs) working in financing machinery and equipment and financing capital of industrial complex projects established by the state.
For his part, Al-Safa affirmed the bank’s desire to maintain its presence in the Egyptian market, which he noted was one of the most important investment markets in the Middle East and Africa (MEA) region.
Al-Safa added that the bank is currently working on developing its loan portfolio and expanding financing programmes for all commercial and industrial sectors in the Egyptian market.
He said that a comprehensive plan is currently being implemented to provide distinguished banking services to the Egyptian business community. This will take place through the bank’s 64 branches covering a large number of governorates across the country.
Furthermore, he welcomed the strengthening of cooperation with all Egyptian investors and the provision of financing mechanisms, whether for projects to be established in the Egyptian market or in African markets.