African Export-Import Bank (Afreximbank) and Banque du Caire (BDC) today in Cairo signed the agreement formalising Afreximbank’s US$200 million Intra-African Investment Finance Facility to support BDC’s expansion across Africa.
The facility is designed to finance Banque Du Caire’s investments in new branches and subsidiaries while promoting Egyptian trade with the rest of the continent.
Under its three-year expansion strategy, Banque du Caire aims to penetrate several countries across Africa. This ambitious plan builds on the Bank’s existing operational reach, including its 100% stake in Cairo Bank Uganda (CBU), a commercial bank that has been operating in Uganda since 1995. CBU Uganda serves a vast growing customer base through its strong relationships with both Ugandan and Egyptian businesses. It has played a pivotal role in facilitating the growing volume of investment between the two countries.
Prof. Benedict Oramah, President of Afreximbank, said:
“Banque Du Caire is a key champion of intra-African trade and investment, facilitating Egyptian engagement with the rest of the continent. We are therefore delighted to provide this finance facility, which will support the Bank as it embarks on an ambitious expansion programme. Drawing on its rich expertise and track record of success, we are confident Banque du Caire can help forge new ties of investment and collaboration across Africa.’’
Banque du Caire is a multi-award winning, full-service bank able to leverage its deep understanding of local and regional market dynamics and an extensive distribution network across Egypt.
Mr. Tarek Fayed, Chairman of Banque du Caire, expressed his appreciation for the partnership with Afreximbank, guaranteeing that Banque du Caire was working tirelessly according to an ambitious plan to expand in the African market, supporting Egypt’s interest in strengthening its economic ties with the rest of Africa, a doorway for Egyptian products and services in the region.
“Banque du Caire’s vision and policies aim to strengthen the bank’s relationship with various institutions in African countries and expand its network necessary to help Egyptian manufacturers increase their sales. The beneficiaries of these developments are not only the manufacturers, but also the construction and infrastructure corporations, which can expand their business exponentially and increase their exports to the rest of the continent.
Source: Afreximbank (Published on June 9, 2021)