January 12, 2022

Afreximbank, NBE commit to enhance investment, trade Egypt


New agreement to establish Joint Project Preparation Facility between two institutions

The African Export-Import Bank (Afreximbank) and the National Bank of Egypt (NBE) have signed a memorandum of understanding (MoU) at the Intra-African Trade Fair to promote trade and investment flows into Egypt.

Under the MoU, the two institutions agreed to broaden and deepen their collaboration in the provision of products and services related to project preparation, project finance and asset-based finance, intra-Africa trade, export development finance, treasury, trade finance, syndication, financial advisory, and digital platforms.

The agreement establishes a Joint Project Preparation Facility (JPPF) between the two institutions, a first-of-a-kind for an Egyptian commercial bank. The JPPF will support public and private sector investors to prepare projects in the following prioritised sectors: Energy, transport and logistics; logistical platforms such as special economic zones/industrial parks; manufacturing; agri-processing; hospitality and tourism; and services in the ICT, healthcare, and creative economy.

Additionally, the partnership aims to catalyse and advance the attainment of Egypt’s strategic objectives as espoused under the Sustainable Development Strategy of Egypt’s 2030 Vision by creating quality jobs, enhancing the competitiveness of the country’s economy, embedding economic resilience, and facilitating market access within the Africa Continental Free Trade Area (AfCFTA).

“The execution of this memorandum marks yet another remarkable milestone in our longstanding partnership with the NBE. It is a multifaceted partnership which encompasses the end-to-end financial solutions spanning from project conception all the way to project implementation and project operations underpinned by the provision of bespoke financial advisory services,” said Amr Kamel, Afreximbank‘s Executive Vice President in Charge of Business Development and Corporate Banking.

“We are particularly thrilled about the traction garnered with the JPPF solution we pioneered. We aim to mainstream project preparation activities across the continent and complement member countries’ efforts to bridge infrastructure and investment gaps in Egypt in a timely manner, thereby fast tracking the operationalisation of the AfCFTA.”

Hisham Okasha, the NBE’s Chairperson, stressed that signing the protocol with Afreximbank aims to strengthen relations and create a framework for cooperation and coordinating efforts to support the public and private sectors.

He added that the protocol also targets identifying and preparing projects to be financed, providing the necessary financing for several investment projects undertaken by Egyptian businesses, and creating a favourable investment climate to help such businesses tap into the promising African market.

Okasha further explained that access to advisory and training services and international transactions will be offered to these businesses under the protocol to provide the best success factors and capitalise on the huge investment opportunities in the African continent across the industrial, agricultural, and energy sectors.

Additionally, Yehia Abul Fotouh, the Deputy Chairperson of the NBE, expressed his pleasure regarding the signing of a MoU with Afreximbank in order to achieve the bank’s goals in syndicated loans and financial consultancy.

dailynewsegypt


Categories : banking

Finance & Economy

HHD’s legal counsel sets final terms of partnership contract with Mountain View

2022-01-21 08:00:00

ArabFinance: The legal counsel of Heliopolis Housing and Development (HHD) (HELI) and the Holding Company for Construction and"...
Read More

MOPCO to set up new plant for melamine ...
January 21, 2022
Fawry’s board nods to capital incr...
January 21, 2022

Latest News



banking

CIB issues $100M green bonds
January 18, 2022
Dollar prices stable at Egypt's major ba...
January 15, 2022
The Future of the Point of Sale Is Here:...
January 14, 2022