Friday, 27 November 2015
Egyptian firms urged to exploit Afreximbank’s expertise to enter African markets
Afreximbank Executive Vice President Denys Denya (2nd left) touring the exhibition with Tarek Kabil, Minister of Commerce and Industry of Egypt (3rd left).
Nairobi, 20 November 2015: – Egyptian firms seeking opportunities for increased trade within African markets should take advantage of the expertise and offerings of the African Export Import Bank (Afreximbank), Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, has said.
Mr. Denya told Tarek Kabil, Minister of Commerce and Industry of Egypt, on Wednesday during the opening of the International Ceramics and Sanitary Ware Exhibition held in Cairo from 18 to 21 November, that the Bank had the right mix of knowledge and facilities to assist Egyptian companies trade with counterparties in its 38 African member countries.
He said that with the privileges enjoyed by the Bank in those countries, it could facilitate trade and provide guarantees to secure payments related to transactions between Egyptian exporters and companies based in other African countries.
“In addition to credit, risk bearing and advisory services, we also provides market access services and can, therefore, introduce Egyptian companies to importers across the continent,” he said.
On 19 November, the Bank participated in the Africa Forum, a sideline conference held under the theme “Boosting Intra-African Trade – Egyptian Ceramics and Sanitary Ware Exports”, with Amr Kamel, Afreximbank’s Director of Banking Operations, telling participants that the Bank’s current intervention in the Egyptian market included focus on the expansion of value-added exports, greater access to trade finance, investment support, assistance to small and medium-sized enterprises, and capacity-building.
Mr. Kamel, who was speaking on a panel on “Africa Rising”, said that the Bank was focusing on the five key drivers of trade promotion under its Egypt-Africa Trade Promotion Programme, which sought to foster trade and economic cooperation between Egypt and other African countries.
He said that Afreximbank had approved and disbursed $1.9 billion to Egyptian banks and entities exporting to other African countries since its establishment in 1993.
Ahmed Zayed, Economic African Affairs Advisor and Executive Director of Influence, an Egyptian government and investment firm, who moderated the session, said that the Egyptian ceramic sector exported 80 per cent of its products to Libya, with other Middle Eastern countries as the second main export destination. He urged participants to look toward Africa as a strategic option for the growth of the Egyptian construction industry.
Earlier, Mahmoud Dirir, Ambassador of Ethiopia to Egypt, who chaired the panel, said that Egyptian expertise in the construction sector could add value to African markets, given the continent’s rising middle class.
Also on the panel were Medhat Askar, Chairman of the Construction Export Council and Hossam El-Sallab, Deputy Chairman, Mostafa El-Sallab Group.