Cairo – Mubasher: The Central Bank of Egypt’s (CBE) has approved the establishment of a company for export credit risk guarantee with a total capital of $600 million (EGP 9.6 billion), according to a statement released on Thursday.
The new company will strategically support Egyptian industrial and services exports in Africa, in addition to supporting Egyptian contractors to win major contracts with African governments whose value is estimated to be $60 billion annually.
The establishment of the new company followed a detailed study conducted by the CBE in collaboration with African Export-Import Bank which is the technical advisor of the project.
The company will be launched before the end of the year, advisor to the central bank for African affairs, Nagla Nozhi, stated.
