Minister of Industry and Trade Tarek Kabil has witnessed the signing of a cooperation protocol between the Egyptian Bank for Export Development (EBED) and the Export Development Fund (EDF) to provide more financing facilities to support exports.
Kabil said in a press statement issued on Wednesday that the protocol will help investors raise their exports, especially after the new strategy announced by the ministry to support Egyptian exports to different foreign markets.
The ministry wants to provide the investors with the payment of their receivables, according to the statement, which noted that the three-year protocol that could be renewed with both parties’ approval would help to accelerate the process, as well as allocate the money needed, due to the lack of payment by the EDF in past years.
The minister added that he agreed with the governor of the Central Bank of Egypt (CBE), Tarek Amer, that the EBED will specialise in supporting exports by allowing more investors to receive further financing by the bank in order to raise their exports.
A new committee will be formed to fix any problems that might hinder investors, said Kabil.
However, EDBE chairperson Mervat Sultan said, according to the statement, that the mechanism of working in the bank to receive finances guaranteed by their receivables starts by issuing a request with the EDF, which would provide information about the investors to the EBED, and then the fund will study the investors’ case and decide whether they are eligible for receiving financing or not.
She stated that the new protocol comes within the role of the EBED, as it is a bank responsible for increasing exports by providing loans and finances for all fields or sectors with the same target.