Vnesheconombank and the Commercial International Bank of Egypt to cooperate over export financing

MOSCOW, 28-5-2015 — /EuropaWire/ — In the course of the Business Mission “Trade and Industrial Dialogue «RUSSIA-EGYPT” in Cairo Vnesheconombank and the Commercial International Bank of Egypt entered into a Memorandum on Cooperation in Export Financing.

On behalf of Vnesheconombank the Memorandum was signed by Director of the Export Financing Department Daniil Algulyan and on behalf of the Commercial International Bank of Egypt – by Director of the Financing Institutions Group Mr. Hossam Rageh.

The financing institutions identified main lines of their cooperation in funding supplies of Russian products and services to Egypt.

Taking into account the current high potential for enhancing trade relations between Russia and Egypt the two sides expressed their confidence that the signing of this agreement would become another step in building up long-term mutually beneficial cooperation.

VEB and the Commercial International Bank of Egypt are interested in their joint implementation of advanced projects on the territory of the Arab Republic of Egyptassociated with exports of Russian products and services.

Under the Memorandum on Vnesheconombank’s Financial Policy, providing support for exports of agricultural and industrial products and services among other things in order to diversify national exports ison of VEB’s main lines of activity.

The Commercial International Bank of Egypt operates on the basis of the Charterand the banking license issued by the Central Bank of Egypt. The Commercial International Bank of Egypt is the third bank among Egyptian banks by the size of assets and the first commercial bank of Egypt by this indicator.

Business mission “Trade and Industrial Dialogue RUSSIA-EGYPT” makes it possible to demonstrate Russia’s investment and export potential and is designed to strengthen business ties, expand and diversify economic cooperation between the Russian Federation and the Arab Republic of Egypt.

The Russian delegation in Cairo is headed by Minister of Industry and Trade Denis Manturov and the Egyptian side is headed by Egyptian Minister of Industry and Trade Mounir Fakhry Abdel Nour.

Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and the Commercial International Bank of Egypt to cooperate over export financing