Egypt's Banque Misr and the Export Credit Guarantee Company of Egypt (ECGE) have reached an agreement to protect Egyptian exporters.

Under the agreement, ECGE will protect exporters that are Banque Misr customers against the risk of non-payment of letters of credit (L/Cs) issued by the importer's bank.

The agreement was signed by the chairperson of Banque Misr, Mohamed El Etreby, and ECGE chairperson, Mervat Sultan.

Support for exporters

Banque Misr says it is prioritising support for exporters to back the Egyptian government's drive to increase exports to other African countries.

The bank's agreement will enable it to diversify the range of export financing offerings for exporters selling to buyers in high risk countries, which includes markets in Latin America as well as Africa.

ECGE support

Established in 1992, ECGE aims to encourage and promote Egyptian exports through the guarantee of the export operations of national commodities and services against commercial and non-commercial risks.

As well as providing export credit insurance, ECGE helps Egyptian exporters obtain export financing.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.