CAIRO, Nov 14 (Reuters) - Egypt will set up a company with capital of $600 million to guarantee credit for exports to Africa, the central bank said on Thursday.
The new company aims to support industrial and service exports to Africa, as well as help Egyptian construction firms to win major projects from African governments, it said.
The decision to establish the company followed studies with the African Export-Import Bank, the project’s technical adviser.
Egypt, which assumed the African Union presidency this year, has ambitions to be a gateway for business with Africa and wants to boost its trade with African nations.
Several Egyptian companies have expanded into other African countries, such as El Sewedy Electric Co and Qalaa Holdings.
Reporting by Ehab Farouk; Writing by Yousef Saba; Editing by Edmund Blair