African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding with National Bank of Egypt (NBE) to broaden and deepen their collaboration in the provision of products and services.
The services relate to project preparation, project finance and asset-based finance, intra-Africa trade, export development finance, treasury, trade finance, syndication, financial advisory, and digital platforms.
They signed the MoU at the Intra-African Trade Fair to promote trade and investment flows into Egypt.
The agreement establishes a Joint Project Preparation Facility (JPPF) between the two institutions, a first-of-a-kind for an Egyptian commercial bank.
The JPPF will support public and private sector investors to prepare projects in the following prioritised sectors: Energy, transport and logistics; logistical platforms such as special economic zones/industrial parks; manufacturing; agri-processing; hospitality and tourism; and services in the ICT, healthcare, and creative economy.
Additionally, the partnership aims to catalyse and advance the attainment of Egypt’s strategic objectives as espoused under the Sustainable Development Strategy of Egypt’s 2030 Vision by creating quality jobs, enhancing the competitiveness of the country’s economy, embedding economic resilience, and facilitating market access within the Africa Continental Free Trade Area (AfCFTA).
“The execution of this memorandum marks yet another remarkable milestone in our longstanding partnership with the NBE.
“It is a multifaceted partnership which encompasses the end-to-end financial solutions spanning from project conception all the way to project implementation and project operations underpinned by the provision of bespoke financial advisory services,” said Amr Kamel, Afreximbank‘s Executive Vice President in Charge of Business Development and Corporate Banking.
“We are particularly thrilled about the traction garnered with the JPPF solution we pioneered. We aim to mainstream project preparation activities across the continent and complement member countries’ efforts to bridge infrastructure and investment gaps in Egypt in a timely manner, thereby fast tracking the operationalisation of the AfCFTA.”