Cairo, August 27th, CIB, Egypt’s leading private-sector bank, has signed an agreement to become CEC’s banking partner to support the Egyptian government’s plan to increase the volume of exports to reach $100 billion.
With approximately 2,000 export members, CEC is one of the largest export councils, and is the second largest in terms of non-petroleum exports, accounting for about $8 billion in 2023. CEC was established by the Ministerial Decree 521 in 1997 as a regulatory body, under the auspices of the Ministry of Investment and Foreign Trade. The council provides services to Egyptian manufacturers, exporters, and investors through conducting research, providing consultation, capability building, and improving international competitiveness in parallel with the government’s strategy to strengthen international trade.
This partnership hosts a series of workshops and meetings with companies and members from CIB’s staff to discuss prospective collaboration and support. Due to the bank’s strong presence in the global market, especially Kenya, CIB can provide exporters with a variety of benefits ranging from cross-border banking operations, expanding exports to Kenya’s market and East Africa’s region, and financial relations with prominent international institutions. In addition, the bank will provide the council with financing solutions, including short and medium-term credit facilities, documentary credit, competitive credit limits, and letters of guarantee to current and new manufacturers and exporters. CIB will also provide capital expenditure and fleet financing Industries operating in this sector can utilize CIB’s sustainable finance program to reduce their carbon footprint and accelerate the transition towards a green economy.
Commenting on the transaction, Mr. Hany El-Dieb, Head of SME Business at CIB, said, “We are pleased to partner with CEC, as this partnership underscores our commitment towards providing comprehensive financial and non-financial products and services for companies that wish to grow and expand into foreign markets. Through CIB’s Business Solutions Program, companies can make use of the program’s non-financial solutions to develop and expand their businesses. This new offering provides companies with export services, logistics and shipping services, legal and tax consultations, marketing services, and training.”
Engineer Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council (CEC), stated, “The council is dedicated to improve the environment in which the sector operates in through enhancing the industry’s image in the global market and developing its competitive advantage. It is a competitive sector with specialized companies that have a substantial volume of business and investments on the local and regional fronts. We believe that our partnership with CIB will boost our competitive edge.”
Al-Makarem illustrated that the council serves 12 different sectors and works on enhancing exports through expanding into new markets and increasing the market share for Egyptian exports. This is done through organizing trade exhibitions, trade missions, hosted buyer programs, meetings with Egyptian companies, and supporting the state’s policies that contribute towards the development of Egypt’s chemical exports.
The signing ceremony took place at CIB’s headquarters in Smart Village in the presence of Engineer Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council (CEC), Mr. Yasser Abdullah, Deputy CEO Retail Banking, and Mr. Hany El-Dieb, Head of SME Business at CIB.
With approximately 2,000 export members, CEC is one of the largest export councils, and is the second largest in terms of non-petroleum exports, accounting for about $8 billion in 2023. CEC was established by the Ministerial Decree 521 in 1997 as a regulatory body, under the auspices of the Ministry of Investment and Foreign Trade. The council provides services to Egyptian manufacturers, exporters, and investors through conducting research, providing consultation, capability building, and improving international competitiveness in parallel with the government’s strategy to strengthen international trade.
This partnership hosts a series of workshops and meetings with companies and members from CIB’s staff to discuss prospective collaboration and support. Due to the bank’s strong presence in the global market, especially Kenya, CIB can provide exporters with a variety of benefits ranging from cross-border banking operations, expanding exports to Kenya’s market and East Africa’s region, and financial relations with prominent international institutions. In addition, the bank will provide the council with financing solutions, including short and medium-term credit facilities, documentary credit, competitive credit limits, and letters of guarantee to current and new manufacturers and exporters. CIB will also provide capital expenditure and fleet financing Industries operating in this sector can utilize CIB’s sustainable finance program to reduce their carbon footprint and accelerate the transition towards a green economy.
Commenting on the transaction, Mr. Hany El-Dieb, Head of SME Business at CIB, said, “We are pleased to partner with CEC, as this partnership underscores our commitment towards providing comprehensive financial and non-financial products and services for companies that wish to grow and expand into foreign markets. Through CIB’s Business Solutions Program, companies can make use of the program’s non-financial solutions to develop and expand their businesses. This new offering provides companies with export services, logistics and shipping services, legal and tax consultations, marketing services, and training.”
Engineer Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council (CEC), stated, “The council is dedicated to improve the environment in which the sector operates in through enhancing the industry’s image in the global market and developing its competitive advantage. It is a competitive sector with specialized companies that have a substantial volume of business and investments on the local and regional fronts. We believe that our partnership with CIB will boost our competitive edge.”
Al-Makarem illustrated that the council serves 12 different sectors and works on enhancing exports through expanding into new markets and increasing the market share for Egyptian exports. This is done through organizing trade exhibitions, trade missions, hosted buyer programs, meetings with Egyptian companies, and supporting the state’s policies that contribute towards the development of Egypt’s chemical exports.
The signing ceremony took place at CIB’s headquarters in Smart Village in the presence of Engineer Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council (CEC), Mr. Yasser Abdullah, Deputy CEO Retail Banking, and Mr. Hany El-Dieb, Head of SME Business at CIB.
