EDBE eyes 30% growth through extending more funding to exporters

Sunday 08 July 2018 08:25 PM

Ahmed Gala
Ahmed Gala

By Sayed Badr
Export Development Bank of Egypt eyes 30% growth this fiscal year, as it has already devised a plan three years ago for ratcheting up performance and upping funds funneled to diverse sectors including exports, according to statements delivered exclusively to Al-Mal newspaper by EDBE's deputy chairman Ahmed Galal.
EDBE aims at raising profitability indicators by 26% in the fiscal year 2018/2019 to EGP850.16mln up from EGP675.3mln predicted late fiscal year 2017/2018, according to an Egyptian Stock Exchange's  statement released back in June.
EDBE seeks also to increase deposits to EGP41.8bn by 18%  and loans by 27% to EGP25.3bn.
" Exporters may be financed via the Export Credit Guarantee Company of Egypt whose a 70% stake is owned by EDBE, as the former is charged with creating financing vehicles and exports guarantees," said he.
EDBE aims at targeting Africa's large commercial hubs by means of tapping a USD500mln deal signed with the African Export Import Bank which has branches in 45 countries, he continued.
EDBE managed to increase portfolio of small and medium-sized enterprises to 17%, then to 20% late this fiscal year, of the credit portfolio through expanding into  sectors enjoying banks' minor attention such as agriculture.
in previous statements to Al-Mal newspaper, Galal said the EDBE aims at activating financing deals worth EGP1.4bn in the next two month, noting that the bank agreed to funnel USD20mln loan upon purchasing a stake in Misr Bank and the Commercial International Bank and to extend two loans worth EGP500mln to property sector.