US EXIM Bank to increase investment funding for Egyptian projects

EGYPT – The Export–Import Bank of the United States (US EXIM Bank) is expected to triple its pipeline projects in Egypt to reach $6bn in the next years, Judith Pryor, member of the board of US EXIM Bank has revealed.

Ms Pryor further revealed that the Bank was interested to fund projects in aviation, agriculture, information and communication technology (ICT), infrastructure, and agribusiness.

She further noted that the Bank also had plan to provide finance to the state-owned enterprises (SOE) and the private sector.

 EXIM Bank has financed projects in Egypt with $5bn over the past 10 years and currently has about $2bn as pipeline projects.

“We are interested in supporting several economic sectors in Egypt including aviation, agriculture, information and communication technology (ICT), as well as infrastructure, agribusiness, and women in businesses,” Pryor added.

US EXIM Bank is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of US goods and services, according to its website.

Thanks to its robustness, EXIM Bank can level the global playing field for US exporters when they compete against foreign companies that receive support from their governments.

EXIM Bank also contributes to US economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the US.

In recent years, 90% of the total number of the agency’s authorisations has directly supported small businesses.

Ms Pryor who was in Egypt for a 5 day visit discussed with Egyptian partners on how to support the Egyptian economy.

Her visit comes at a time when Egypt is implementing various macro-economic policies that are aimed at catalyzing and sustaining growth of the Egyptian economy.

“Given that the population in Egypt is increasing rapidly, creating jobs is crucial for society and the economy.

“We hope to simulate job growth both here in Egypt and in the US. One of our important targets is to support women and help them create their own businesses,” Ms. Prior concluded.

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