The 10th of Ramadan Investors Association recently met with representatives from the Commercial International Bank (CIB) to explore opportunities for leveraging the bank's expertise in boosting exports and accessing new international markets. This discussion follows the successful launch of CIB's branch in Kenya and its role in expanding the reach of Egyptian products across African markets. The meeting, attended by representatives from over 30 member companies, featured presentations from CIB officials on the bank's wide range of financial and non-financial services designed to support investors. Hassan El-Fandi, Head of the Tax, Customs, Banking, and Social Insurance Committee at the 10th of Ramadan Investors Association, emphasized the promising future of Egypt-Africa relations, particularly in the trade of raw materials and products. He underscored the importance of establishing regular maritime routes to West Africa to further bolster these ties. Ahmed Hussein, Head of Strategic Relations for SMEs at CIB, provided insights into the ongoing review of small and medium-sized enterprises (SMEs) by the Egyptian Parliament, with definitions based on investment size expected to be finalized by the end of the first quarter of 2025. Hussein outlined the bank's tailored offerings for SMEs, including efficient decision-making processes for credit facilities and its expertise in managing client relationships. He also highlighted a new division within CIB focused on companies with investments ranging from EGP 200 million to EGP 600 million, ensuring that businesses of various sizes and sectors receive comprehensive support. Khaled Bahnasawi from CIB's banking services division presented several account options for SMEs, such as guarantees, detailed financial reports, and tax and customs documentation. He also introduced the "Bedaya" account, which provides small businesses with no administrative fees, along with financial inclusion accounts and specialized payment credit cards for companies. Additionally, Bahnasawi emphasized the bank's discount programs for collaborations across multiple sectors, including legal and financial consultancy services, and one-year access to free educational and developmental courses for clients. Ahmed Amoud, Deputy Head of Institutional Relations and a representative of CIB's African expansion sector, shared insights on the bank's operations in Kenya. He discussed the trade opportunities between Egypt and Kenya, noting that Kenya serves as a gateway to five landlocked neighboring countries, offering a significant market for Egyptian exports. Amoud highlighted Kenya's dynamic economy, with imports totaling $22 billion annually compared to $7 billion in exports. He pointed out that Egyptian exports to Kenya currently total around $350 million, with the country ranking as the second-largest importer of Kenyan tea. Amoud further emphasized that CIB's four branches in Kenya facilitate trade between the two nations, providing clients with real-time, same-day financial transactions and detailed information on Kenyan business opportunities. Ghada Wagdy from CIB's Financial Institutions Sector also elaborated on the banking systems in Ethiopia, particularly regarding trade exchanges. She explained that while financial approvals in Ethiopia require the central bank's consent, CIB plays a key role in simplifying procedures and facilitating client transactions across the African continent. Through this collaboration, CIB aims to strengthen its position as a vital partner for Egyptian exporters seeking to expand into African markets, while also supporting SMEs with tailored financial services to fuel their growth and regional success.
