Lagos- The African Export-Import Bank (Afreximbank) said on Wednesday it would hold a business forum on Feb. 24 in Cairo to promote improved trade between Egypt and the rest of Africa.
In a statement in Lagos, Afreximbank said the meeting would be held in collaboration with Ministry of Industry, Trade and Small and Medium-sized Enterprises of Egypt.
The bank said that the theme of the forum is: “Unlocking Africa for Egyptian Businesses.”
It said that at the forum, the bank would present a $500 million dollar special trade finance outline to support Egyptian businesses trying to do business with other African countries.
“This programme will provide financing to Egyptian businesses for exports to and imports from any of Afreximbank’s 37-member countries.
“The finance will support projects being promoted by Egyptian entities in the member countries,” Dr Benedict Oramah, Executive Vice President of Afreximbank for Business Development and Corporate Banking, said.
Oramah added that the goal was to reduce the impediments that hindered access to finance, management of payment, country risks and market access.
Mounir Nour, Minister of Industry, Trade and Small and Medium-sized Enterprises of Egypt, lauded the partnership and joint investments involving Egyptian businesses in creating job opportunities.
According to the statement, Jean-Louis Ekra, President of Afreximbank, Nour and Hisham Ramez, Governor of the Central Bank of Egypt will deliver addresses at the forum.
Other participants expected include Egyptian business community, Egypt’s 13 export councils, the chambers of commerce, the Egyptian Businessmen’s Association, the Egyptian Junior Business Association, and Egyptian commercial banks.
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra-and extra-African trade.
The bank was established in Oct. 1993 by African governments, African private and institutional investors, and non-African investors.
Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.
Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014.
Afreximbank’s headquarter is in Cairo. (NAN)