Banks

The National Bank of Egypt raises its stake in the African Export and Import Bank (AFREXIM Bank)

Ahli Bank

Iman Al-Wasili

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The National Bank of Egypt participated in the subscription to increase the bank’s capital The African Export and Import (AFREXIM Bank) in the amount of . 6 million dollars, with the payment of the percentage of . % currently requested with a value of 6 million dollars, and this comes after the African Bank invited shareholders to participate in increasing its issued capital, amounting to 6.5 billion dollars, of which it is currently being paid. % with a value of $2.6 billion.

where Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, stated that the continuation of the National Bank of Egypt as the largest shareholder in the African Bank category “B” (non-sovereign shareholder), comes as a result of the extended relationship and fruitful cooperation with the African Export-Import Bank since its establishment in the year 1993, i.e. for more than a quarter of a century, as the National Bank is keen to exploit all its capabilities and network of relationships to contribute to the advancement of The African economy, stressing that this participation comes within the framework of the bank’s strategy that supports the directions of the state and the Central Bank to develop joint cooperation between the countries of the African continent, especially in the banking sector, as well as support the movement of intra-trade among the countries of the continent, pointing to the leadership of the National Bank in the African presence, where it was established The bank’s representative office in Johannesburg, South Africa in the year 1993, then the presence in a representative office in Addis Ababa, Ethiopia, and two institutions affiliated with the National Bank of Egypt, Khartoum, Sudan, since 2012 and soon the National Bank of Egypt, Juba, South Sudan, all of which are considered the first representation of the Egyptian banking sector in each of those countries.

Okasha stressed the importance of the banking presence on the African continent by providing various banking and advisory services to Egyptian companies that aim to invest in the African market, in order to enhance the movement of import and export. It is important to note that the choice of the new administrative capital as the headquarters for the annual meeting of the African Bank – which includes the bank’s shareholders from all African countries and in which more than 3,000 high-level banking, governmental and international personalities participate – confirms the importance Its strategy, which will become an integrated center for finance and business in Africa and the Middle East in accordance with the plans of the state, which draws the world’s attention to the importance of the administrative capital.

The Vice Chairman of the Board of Directors of the National Bank of Egypt, Yehia Aboul Fotouh, added that the bank’s commitment to contribute to increasing the capital of the African Bank comes in appreciation of the efforts made by the African Bank in developing the economy of African countries, especially In the post-Coronavirus era and its implications for the global economy in general, Afrixim Bank had a vital role in supporting the private sector, and its initiatives to implement the African Continental Free Trade Agreement, including the payment and settlement system to facilitate cross-border trade in African currencies, adding that the government Egyptian represented by the Bank Central Bank of Egypt is the largest government shareholder in the African Bank in an effort to benefit from promising investment opportunities in the African continent in various industrial, agricultural and energy fields. The regional and international level.