Trade between Egypt various African markets will be greatly boosted by a US$500 million investment by the African Export-Import Bank (Afreximbank).

“This programme will provide financing to Egyptian businesses for exports to and imports from any of Afreximbank’s 38 member countries and will support projects being promoted by Egyptian entities in the member countries,” said Afreximbank executive, Dr Benedict Oramah at a one-day business forum in Cairo this week.

Oramah noted that the goal of the programme is to reduce the impediments that hinder trade between Egypt and the rest of Africa, particularly those related to access to finance, management of payment, country risks and market access.

According to Egypt Independent online, Oramah said the bank’s programme sought to secure credit lines for Egyptian exporters and manufacturers for added value commodities, as well as provide commercial finance solutions and risk guarantees for Egyptian exporting and importing companies.

Egypt’s Minister of Industry, Trade and Small and Medium-sized Enterprises, Mounir Fakhry Abdel Nour, said his ministry was anxious to boost economic and commercial ties with African states.

According to a report by the Egypt Independent, Abdel Nour said the funds made available by Afreximbank represented a big opportunity for Egyptian exporters and investors who were eager to increase trade and investment with African countries.