ArabFinance: A consortium of Banque du Caire (BDC) (BQDC), National Bank of Egypt (NBE), Banque Misr, Export Development Bank of Egypt (EBE) (EXPA), and Arab African International Bank (AAIB) is launching a company to support Egyptian exports and promote local manufacturing, Al Borsa News reported on March 13th, citing Chairman of Banque du Caire Tarek Fayed.

The establishment of the new company is a part of Egypt’s strategy to increase the value of the country’s exports to $100 billion, Fayed added.

The top official noted that the new company will have a positive impact on different sectors, especially the small and medium-sized enterprises (SMEs).

SMEs’ financings account for 12% of the credit portfolio of the Egyptian banking sector, Fayed revealed.

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