Czech Export Support Bank allocates $300M to be pumped into Egyptian market

CAIRO – 1 August 2021: Czech Foreign Minister Yaakov Kulhanek announced the start of Czech financial institutions and banks to support their country's companies to inject new investments into the Egyptian market and support inter-trade.

In a statement issued by the Egyptian Ministry of Foreign Affairs on Sunday, the Czech Foreign Minister indicated that the Czech Export Support Bank has allocated $300 million to be pumped into the Egyptian market, which represents about 75 percent of the current export volume of Czech products in the Egyptian market.

This came during the Egyptian-Czech Economic Forum organized by the General Federation of the Chamber of Commerce headed by Ibrahim Mahmoud Al-Arabi, which was attended by Sameh Shoukry, Egyptian Minister of Foreign Affairs, and Badr Abdel Atti, Assistant Minister of Foreign Affairs for European Affairs and President of the Federation of Czech Chambers of Commerce.

Kulhanek added that the economic revolution that Egypt is currently witnessing in all fields has placed it on the list of the highest growing economies, not only in Africa, but also at the global level, as the Egyptian economy was able to achieve continuous positive growth even during the economic challenges created by the Corona pandemic and its repercussions on the global economy.

He explained that the giant projects adopted by Egypt in the fields of energy, construction, recycling, optimal use of water and the development of the transport and road system, which come within the framework of Egypt's economic development strategy 2030, all testify to the continuous growth of the Egyptian economy and gave an attractive nature to the Egyptian market in front of all international companies.

For his part, Minister of Foreign Affairs Sameh Shoukry said that bilateral trade during the past year, although not up to the level of friendship and partnership relations with the Czech side, gives giant opportunities to develop future joint economic relations, calling on companies from both sides to strengthen bilateral and tripartite cooperation to enter African and European markets together from during co-manufacturing.

Shoukry added that the political leadership in the two countries attaches great importance to the development of joint relations, pointing out that there are Egyptian efforts to sign a cooperation agreement between the Suez Canal Economic Authority and the Czech side, similar to the agreement signed with the Polish side to exploit the Suez Canal economic zone as a center for its industrial production and direct it to African and international markets. In light of free trade agreements that allow Egyptian products to enter European, African and American markets without customs duties.