New credit facilities to boost Egypt's exports

Chairman of the Export Development Bank of Egypt (EDBE) Mahmoud Mohammed Mahmoud that the Bank decided to offer new credit facilities at an interest rate of 3 percent less than the current rate in the market ranging between 10-13 percent with a view to encourage Egyptian exporters to augment their exports and tap new markets.

Within the framework of the efforts by the Bank and the Egyptian Exports Guarantee Company to boost exports, a comprehensive report has been prepared on the Bank's activities and its present and future plans to be submitted to Minister of Foreign Trade Youssef Boutros Ghali who is also Chairman of the Bank's general assembly.

“The Egyptian Exports Guarantee Company an affiliate to the Bank, intensifies its efforts to support the Egyptian exporters participating in world specialized exhibitions with highly reputed commodities in terms of price and quality as part or all their participation costs will be refunded when concluding deals,” Mahmoud said.

“Additionally, the Company has so far organized Egypt's successful participation in five international fairs,” he said. adding that all the Bank's financed projects has provided 127,000 job opportunities.

He pointed out that the Bank has provided an easy-term loan on two stages worth L.E.12 million, with a grace period of eight years to finance the establishment of a cooling storage area in Cairo International Airport, with the aim of increasing agriculture and horticulture exports.

The EDBE is expected to sign an agreement next October with the African Development Bank (ADB) whereby the Bank will provide L.E.70 million in long-term credit facilities, to be repaid over a 10-year period for financing the EDBE's activities.