The Export Development Bank is planning to establish an exporters club as a window to new foreign markets

بنك تنمية الصادرات
Export Development Bank
Iman Al-Wasali 19 February

Bank seeks

“Export Development” to follow the objectives of the basic plan that was developed 3 years ago regarding the establishment of an exporters’ club 1303433 to open foreign markets to be a window for Egyptian exports to open new markets, according to Ahmed Jalal, Chairman of the Board of Directors of the Bank.

Jalal explained, during the minutes of the General Assembly meeting and published today on the Egyptian Stock Exchange, that the percentage of exporters represents 67 % of the total existing portfolios with the bank, where what distinguishes them from other banks is their interest in the export axis.

Jalal added The bank does not only provide financing services, but there is an internal management that provides some internal consultations or platforms regarding opening new markets with new ideas that will be presented to the Board of Directors for discussion and approval after presenting them to the shareholders.

According to what the bank’s president said, there is cooperation between the bank and the concerned authorities and ministries to make the life of exporters easier and to overcome some of the obstacles that have been encountered. In the past, such as the delay in the disbursement of subsidies with the initiatives undertaken by the Ministry of Finance in cooperation with the Ministry of Trade and Industry, where the export file is important for the country as a whole, not the bank alone. Export Development plans during the current year 2022 to raise the bank’s deposit portfolio to . 7 billion pounds by the end of next December, compared to 80. 1 billion pounds at the end of the previous year, by working on diversifying banking products.

The bank also aims to increase the portfolio of corporate sector financing and syndicated loans at the end of next December by 19% to go up from 46. 3 billion pounds at the end of 2019 to .3 billion pounds, which represents 36% of the total portfolio of the bank with a focus on attracting financing at the lowest cost.

The bank aims to pump funds worth 640 million pounds to finance small, medium and micro enterprises, especially in the initiative of the Central Bank At an annual interest rate on a declining basis of 5% during the current year.

and plans The bank, according to its report, to grow the customer deposit portfolio by 10% to reach 82. 7 billion pounds in At the end of the current year, compared to 67. EGP 1 billion at the end of the previous year, an increase 8.7 billion pounds in a year.

The bank also aims, according to the report, Local currency deposits grew by 28%, and foreign currency deposits decreased by
%, so that local currency deposits constitute 80% of the total deposit portfolio, and % of foreign currency deposits, according to
plan .