To maximize the volume of The Egyptian exports to the continent

10/09/2018

To maximize the volume of The Egyptian exports to the continent
The United Bank and The African Bank for Export and Import provide a package of financing, insurance and digital banking services to Egyptian exporters
Ashraf El Kady - Chairman of The United Bank
• 50 African countries covered by the cooperation program between the bank and The African Bank for Export and Import.
• The African Export and Import Bank guarantees Egyptian export earnings and protects them from the risk of non-payment.
• The United Bank provides a range of financial and banking services to increase the volume of foreign trade in African markets.
• The United Bank provides a system of digital technology solutions to promote trade for African markets.
• Egyptian products and services are highly competitive in African markets.
• Need to benefit from the agreements and economic blocs to support Egyptian exports to the foreign market.

Cairo: 10 September 2018
As part of the continuous efforts of The United Bank to maximize the volume of Egyptian exports to foreign markets, especially to the African markets, and to support Egyptian exporters, The United Bank and The African Export and Import Bank announced a package of financing and insurance programs against the risks of non-payment and digital banking services to exporters.
50 African countries covered by the program
Where The United Bank provides the necessary funding for the Egyptian exporters, whether prior to the export or subsequent shipment of export operations secured collection. For its part, The African Export and Import Bank guarantees the export earnings of Egypt and protects against the risk of non-payment in 50 African countries representing a group of African banks accredited to it.
The United Bank also offers a range of banking services related to the deduction and acceleration of payment for export operations accepted at different time periods ranging from 3 months to 7 years. As well as providing the necessary funding for the implementation of the contracting operations carried out by Egyptian companies in the African market. Which are covered by the guarantee service provided by The African Export Import Bank, in addition, The United Bank provides financing for direct exports without bank guarantees, with African countries and African economic entities covered by The African Export and Import Bank.
Commenting on the package of programs in support of Egyptian exports to the African markets, Ashraf El Kady, Chairman of The United Bank, said Egypt plays a pivotal role in the African continent's trade movement, directly through the export of Egyptian goods and services to African markets or through direct Egyptian investments and the transfer of modern human and technological expertise and also indirectly through the transit of foreign goods and services through Egyptian ports and territories.
El Kady pointed out that the volume of Egyptian exports to Africa according to the indicators achieved growth and increase of about 1.6 billion dollars in 2017. This is a modest size compared to Egypt's export potential. African markets still have a great ability to absorb Egyptian products. This is due to the competitive advantages that Egyptian products have in these markets.
As for the development of Egyptian exports to African markets, Ashraf El Kady pointed out that the development of Egyptian exports to African markets should depend on partnership and integration of economic activity among African countries and governments, stressing the need to benefit from the African economic blocs as a major starting point to promote joint African action. In light of the Egyptian customs exemptions in many African markets. As well as work to inventory and address the obstacles to export, through careful study to identify export products and services with comparative advantages and targets by African markets and factors that impede the increase of Egyptian exports there.
El Kady said that the Egyptian industry and export activity witnessed great growth and development over the past years in light of the strategy and efforts of the state and its apparatuses to improve the quality of the Egyptian product, increase production, provide a working environment and end the procedures of obtaining the necessary licenses.
The United Bank System of Digital Technology Solutions for Trade Promotion for African Markets
Ashraf El Kady pointed out that the digital technology solutions offered by The United Bank to the Egyptian group of exporters are an effective tool to enhance trade activity between countries, especially African countries. Studies have shown that African countries have a high banking technological infrastructure, which has enabled some African countries to expand their financial inclusion, reduce poverty and achieve development goals.
In a related context, The United Bank provides an integrated system of digital banking services under the name of "your on line bank" for Egyptian exporters, enabling them to follow up the export business and business activity for them and conduct all their banking transactions without the trouble to go to the 54 branches of the bank spread throughout the Republic, in few seconds.
The bank's online banking system operates seven hours a week, with the highest international efficiency and technology, and offers products such as: Internet banking for individuals, companies and mobile banking digital wallet, ATM services, which offer multiple and sophisticated solutions for customers, including the possibility to inquire about the creditworthiness immediately, as well as the possibility of replacing the currency at the declared market price. As well as payment services for landline and mobile bills, in addition to many other services.