$200 million equal transaction between Russia and Egypt

"The equal transaction that was recently signed between Egypt and Russia of $200 million started to be implemented as the Egyptian Export Development Bank in association with the Russia, Fortee Bank is preparing lists of exporters who desire entry into the transaction program between the two countries, said Hamdi Moussa, general manager of the Export Development Bank.

He added, "The bank is holding weekly sessions to sort the Egyptian offers and make sure of their seriousness before presenting them to Fortee Bank's representative in Cairo."

In press statemets he said that as soon the bank makes sure of adequacy of the displayed exports for the needs of Russian market, "The representative of the Russian bank will visit these companies and the producing factories before raising his report to the bank's management."

The Egyptian Export Development Bank received three offers from the Kaha Company, Noval for rust resistant steel basins, and the Farana Company for ceramics to export goods worth $20 million to the Russian market.