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Afreximbank negotiates with NBE, CIB to finance SMEs - Daily News Egypt

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Afreximbank negotiates with NBE, CIB to finance SMEs

Afreximbank's portfolio in Egypt is $5.2bn until 2017, says Oramah


Benedict Oramah, the president and chairperson of the African Export–Import Bank (Afreximbank), said that “we have a distinguished cooperation with the Central Bank of Egypt (CBE). Furthermore, we provide facility lines to five Egyptian banks, such as the National Bank of Egypt (NBE) and Banque Misr to support SMEs.”

Afreximbank is providing financing in all African countries, including Egypt, for electricity projects with a fund of $2bn.

“Our portfolio in Egypt is $5.2bn until 2017. Moreover, the amount of funds allocated to Egypt since the Afreximbank establishment until now is estimated at $9.6bn, besides $400m in guarantees,” Oramah said.

 

Regarding the increase in portfolio to Egypt in the coming year, Oramah pointed out that the bank will increase its portfolio if there is demand.

“We support many corporations, and we work on improving and developing their capacities to export,” said Oramah, adding that “we are trying to coordinate with the CIB to provide facility lines or funds for supporting SMEs.”

Oramah noted that Afreximbank’s strategy focuses on expanding Egyptian trade with Africa and launching investments in the continent.

He said that the Afreximbank helps Egyptian companies through funding them to sell to Africa. Moreover, it supports the exporting of SMEs and finances energy companies directly.

He revealed that the bank provided a $2bn to the private sector.

Thus, there is a key finance for infrastructure projects in Egypt and especially in power projects.

Oramah added that the Egypt-African Trade Promotion Programme’s Fund was originally $500m, but was increased to $1bn.

“We are continuing to support Egypt to support the country’s economic reforms. We think it is a right direction to develop the economy, and these reforms had made it possible for corporations to do industrial activities and improve their businesses,” Oramah commented.

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