Central Bank of Egypt launches ECA

(Global Trade Review, London, 11 December 2019) The Central Bank of Egypt (CBE) has signed off on a new US$600mn export credit risk company in a bid to bolster Egypt’s intra-Africa trade links. The new company, which will be based out of Cairo, will seek to help Egyptian companies win contracts for major projects with African governments, which the African Export-Import Bank (Afreximbank) claims are [could be?] worth US$60bn annually. Trade between Egypt and other African countries is only around 2% of total Egyptian exports.