Pro­to­col be­tween EBED, EDF to raise ex­ports

EBED will spe­cialise in sup­port­ing ex­ports by al­low­ing more in­vestors to re­ceive fur­ther fi­nanc­ing

The Daily News Egypt - - Business - By Hisham Salah

Min­is­ter of In­dus­try andTradeTarek Ka­bil has wit­nessed the sign­ing of a co­op­er­a­tion pro­to­col be­tween the Egyp­tian Bank for Ex­port De­vel­op­ment (EBED) and the Ex­port De­vel­op­ment Fund (EDF) to pro­vide more fi­nanc­ing fa­cil­i­ties to sup­port ex­ports.

Ka­bil said in a press state­ment is­sued on Wed­nes­day that the pro­to­col will help in­vestors raise their ex­ports, es­pe­cially af­ter the new strat­egy an­nounced by the min­istry to sup­port Egyp­tian ex­ports to dif­fer­ent for­eign mar­kets.

The min­istry wants to pro­vide the in­vestors with the pay­ment of their re­ceiv­ables, ac­cord­ing to the state­ment, which noted that the three-year pro­to­col that could be re­newed with both par­ties’ ap­proval would help to ac­cel­er­ate the process, as well as al­lo­cate the money needed, due to the lack of pay­ment by the EDF in past years.

The min­is­ter added that he agreed with the gover­nor of the Cen­tral Bank of Egypt (CBE),Tarek Amer, that the EBED will spe­cialise in sup­port­ing ex­ports by al­low­ing more in­vestors to re­ceive fur­ther fi­nanc­ing by the bank in or­der to raise their ex­ports.

A new com­mit­tee will be formed to fix any prob­lems that might hin­der in­vestors, said Ka­bil.

THE NEW PRO­TO­COL COMES WITHIN THE ROLE OF THE EBED, AS IT IS A BANK RE­SPON­SI­BLE FOR IN­CREAS­ING EX­PORTS

How­ever, EDBE chair­per­son Mer­vat Sul­tan said, ac­cord­ing to the state­ment, that the mech­a­nism of work­ing in the bank to re­ceive fi­nances guar­an­teed by their re­ceiv­ables starts by is­su­ing a re­quest with the EDF, which would pro­vide in­for­ma­tion about the in­vestors to the EBED, and then the fund will study the in­vestors’ case and de­cide whether they are el­i­gi­ble for re­ceiv­ing fi­nanc­ing or not.

She stated that the new pro­to­col comes within the role of the EBED, as it is a bank re­spon­si­ble for in­creas­ing ex­ports by pro­vid­ing loans and fi­nances for all fields or sec­tors with the same tar­get.

Min­is­ter of In­dus­try and Trade, Tarek Ka­bil

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