Islamic Finance

Egypt’s CIB signs MoU with Expolink to boost exports to Africa

Published 26 Oct,2021 via Daily News Egypt - The Commercial International Bank – Egypt (CIB) and the Egyptian Exporters Association (Expolink) signed a memorandum of understanding (MoU) to support the growth of Egyptian exports in Sub-Saharan African countries, with a focus on East African countries as an initial stage.

The association said, in a statement today, that following the MoU, cooperation, and coordination will take place between the two parties to ensure the strategy for developing exports to African countries is successful, through five areas of cooperation. They include activating and developing the exports of Egyptian companies, members of Expolink, to East African markets, in cooperation with the Bank’s partners.

The areas of cooperation also include exchanging and providing information about potential exporters and buyers and export opportunities, and cooperating on trade missions or facilitating communication between Egyptian exporters and buyers from Africa.

The MoU also allows studying the possibility of providing pre-export credit facilities to creditworthy member companies of “Expolink” who meet the conditions for granting credit, following the bank’s internal policies in this regard. This mainly aims to help them fulfill their contractual obligations in the African markets and guide clients who need export services to East Africa.

Promotional trips of Egyptian products will be organized in some African markets in partnership with CIB and Mayfair Bank during the upcoming period.

Bilateral cooperation between CIB and Expolink represents an important aspect in supporting exporters and enhancing the growth of Egyptian exports and their access to various African markets.

Expolink is a non-governmental and non-profit organization specialized in promoting and developing reforms in the systems necessary for export, conducting the necessary research and providing solutions for decision-makers, as well as providing distinguished services and solutions to exporters at trade fairs.

CIB-Egypt is a leading bank in the private banking sector, and it pays great attention to cooperating with Expolink to support the growth of Egyptian exports to Africa, especially East African markets as an initial stage, as well as any other markets in Africa.

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