United Bank, Afreximbank merges to maximise volume of Egyptian exports to Africa

The United Bank and the African Export-Import Bank (Afreximbank) has declared the launching of a partnership programme to provide financing and insurance packages for Egyptian exporters.

This partnership comes within the bodywork of the steady efforts of the United Bank to maximise the volume of Egyptian exports to foreign markets, especially African markets.

According to the chairperson of the United Bank, Ashraf El-Kady, “the bank will provide funding for Egyptian exporters, while Afreximbank would guarantee the Egyptian export earnings and protect against the risks of non-payment in 50 African countries”.

El-Kady noted that, “The digital technological solutions offered by the bank to the Egyptian exporters is an effective tool to promote business activity between countries, especially, African countries, pointing out that the studies proved that the African countries have a high technological banking infrastructure, which enabled some African countries to expand the financial inclusion, curb poverty, and achieve development”.

He said that the bank offers an integrated system of digital banking services, under the name of Your Bank Online to Egyptian exporters that enable them follow up on exporting process and conclude all their banking transactions in seconds without going to the branches.

“Egypt plays a pivotal role in the movement of trade on the African continent, through the export of Egyptian goods and services to African markets, or through the Egyptian direct investment and the transfer of human and modern technological expertise, and also through the transit of goods and services overseas through ports and Egyptian territory,” El-Kady added.

He disclosed that the volume of Egyptian exports to the African continent has grown and increased by about $1.6bn in 2017, which is small compared to Egypt’s export potential, and therefore African markets still have a great ability to absorb Egyptian products.

He finally added that, the development of Egyptian exports to African markets should be based on partnership and integration of economic activity among African countries and governments, stressing the need to benefit from the African economic blocs as a major starting point to promote joint African action.