NBE signs cooperation protocol with Afreximbank to back investments of Egyptian firms

NBE signs cooperation protocol with Afreximbank to back investments of Egyptian firms
بقلم Mohamed El Ghobashy - - | Edited by Marwa Nassar

The National Bank of Egypt (NBE) signed a cooperation protocol with Afreximbank on the sidelines of the Intra-African Trade Fair 2021 (IATF) which was held in Durban from November 15 to 21.

NBE Board Chairman Hisham Okasha said the protocol aims to further bilateral cooperation, lay down a cooperation framework, coordinate efforts for supporting public and private sectors, determining projects due to be funded, securing needed funding for several investment projects of Egyptian companies, and providing a proper investment climate for companies to join the promising African countries in various industrial, agricultural and energy domains.

The NBE – as a major Egyptian bank – is one of the most supportive institutions to emerging and mega companies at the local, regional and international levels.

He said the NBE’s effective participation in this important fair came out of its belief in the importance of economic and trade cooperation with various countries.

The bank builds on the success of the 2018 edition of the fair which Egypt hosted and in which the NBE effectively participated, he said.

He added that the bank was keen to enhance economic cooperation with African states, especially South Africa which is the most important African market. Therefore, the bank opened its representation office in Johannesburg in 1993.

The bank was interested to have strong representation in South Africa and the office was the first Egyptian banking representation office in South Africa.

The office managed to offer various banking and investment services for Egyptian companies seeking to join the African market and promote importation and exportation with African states. This has positively affected the Egyptian economy.

For his part, NBE Deputy Board Chairman Yehia Abul Fottouh said the IATF represented a unique investment chance. Over 1,100 exhibitors from more than 59 countries took part in the event. About 40 Egyptian exhibitors in various domains participated in the event.

The IATF was attended by over 11,000 visitors and this has encouraged the bank to participate in the fair to engage in more partnerships and have effective communication with the fair’s attendants both from Egypt or various African states in order to enhance cooperation and exchange expertise with African banks.

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