CBE greenlights establishment of USD 600 mn export credit risk guarantee company

CBE greenlights establishment of USD 600 mn export credit risk guarantee company: The Central Bank of Egypt (CBE) has approved the establishment of a USD 600 mn export credit risk guarantee company to boost Egyptian exports to the rest of Africa, the CBE said in a statement on Thursday (pdf). Afreximbank, which acted as the technical advisor on the project, conducted an in-depth study that concluded that a lack of financial services and adequate information, coupled with high levels of risk and high financing costs, are hindering investors and banks from tapping trade with Africa, President Benedict Oramah said. Afreximbank will also provide financing for projects the export credit risk company will cover “where necessary,” Oramah said. Reuters also had the story.