CDC Group to appoint representative in Egypt
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CDC is the first development finance institution to be granted such approval to offer supplementary capital to the Egyptian banking sector.
CDC currently engages in discussion with a number of Egyptian banks to facilitate mutual cooperation and expand the lending rate especially for small and medium-sized enterprises. As per the CBE’s approval, the CDC abides by a $200 million offering to the Egyptian banks.
For his part, CEO of CDC Group Nick O’Donohoe lauded and welcomed the partnership with CBE, assuring that such a step supports the Egyptian banking sector generally and the private sector particularly.
“Small and medium-sized enterprises is a cornerstone of job creation and economic growth, giving us a chance to play a great role in offering a healthy banking sector in Egypt,” O’ Donohoe said in a statement.
O’ Donohoe further ensured CDC’s focus on the economic growth. He also announced appointing a representative in Egypt to prove CDC’s desire to build a longstanding partnership with Egypt and increase investment.
In 2018, CDC announced investing up to $4.5 billion in Africa until 2022. O’Donohoe assured that their cooperation witnessed a massive progress and huge economic growth throughout more than 15 years of investments in Egypt.
Now, CDC has more than 20 companies in Egypt, offering 9000 job opportunities, and adding more than $115 million a year to the Egyptian income.
For his part, British Secretary of State for International Trade Liam Fox assured his desire to expand investments in Egypt and highlighted CDC’s first investments in solar energy and current engagement in cooperation with Egyptian banks.
“Cooperation on all fronts with Egypt reflects the kingdom’s keenness to stay beside the brotherly country improving its economy,” Fox stated.
In November 2017, CDC offered a $97 million loan to El Noba Solar Energy Project of 800 megabits as a part of a larger loan to help Egypt reach its goals of clean energy and job creation.
El Noba’s project is a part of Benban station in Aswan, the first solar power plant and the largest solar city in the world.
In 2016, CDC offered $15 million to the medium-sized companies’ fund; it is a national investment fund, a step to promote low budget projects.
Recently, CDC has worked on financing commercial banks, micro-financial institutions, insurance companies, and other financial services. It is a stockholder in I & M Limited Bank in Kenya and Habib Bank in Pakistan.
In 2018, CDC submitted $ 100 million to African Export and Import Bank in Cairo to promote trade across the African continent.
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