The President of the African Export-Import Bank (Afreximbank), Dr. Benedict Oramah, met today with Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, to discuss the Bank’s ongoing support to the Egyptian economy and to explore opportunities for further collaboration with the Ministry.
Briefing the Minister during a visit to the Ministry’s premises in Cairo, Dr. Oramah said that as at the end of April, Afreximbank had approved financing facilities totaling $14.3 billion for Egyptian entities.
“Presently, the Bank’s exposure to Egypt amounts to $4.4 billion, representing 37 per cent of our portfolio,” he said, adding that Afreximbank’s non-funded support to the country, in the form of letters of credit confirmation and guarantees, exceeded $1 billion.
On support for Egypt’s trade with the rest of Africa, the President said that the Afreximbank was helping large Egyptian entities to become continental and global champions by supporting them to export to other African countries. Presently, such support amounted to no less than $1.5 billion.
The Bank was also implementing market access initiatives by inviting large Egyptian and other African corporates on official visits to African countries and providing them with opportunities to win contracts that would, otherwise, go to non-African entities. That initiative had enabled an Egyptian energy company to win contracts worth close to $2 billion to supply and install energy generation and distribution equipment in several countries.
Responding, Dr. Nasr commended Afreximbank for its work in support of the Egyptian economy and highlighted the constitutional role of the Ministry of Investment and International Cooperation in coordinating economic support to Egypt from international and multilateral bodies.
She urged the Bank to always keep the Ministry updated about its activities that support the Egyptian economy.
Afreximbank President Dr. Benedict Oramah (left) and Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, during their meeting in Cairo.