The Central Bank of Egypt (CBE) is preparing to launch risk insurance company for exports to Africa before the end of December 2019, Ramy El-Shaarawy, general department head banking reform sector at the CBE, said on Tuesday.
El-Shaarawy told Daily News Egypt that the bank is currently completing the regulatory and structural framework of the company, determining shareholders’ stakes, and the CBE’s contribution in the company.
He added that there are several sectors, such as electrical appliances and garments, that can compete in the African market.
Naglaa Nozahie, CBE governor’s advisor for African affairs and supervisor of the economic research sector, said earlier that intra-Africa trade currently stands at 17%, compared to 85% in the intra-EU trade.
