Parliament passes bill on new export, investment guarantee agency

The Egyptian parliament has passed a bill regarding the establishment of the Egyptian Export and Investment Guarantee Agency (EEIGA). The bill moves up to replace the Export Credit Guarantee Company of Egypt (EGE) and aims to support the exporting sector by facilitating processes, providing credit guarantees and technical assistance. This agency is set to receive a paid-up capital of EGP 50 million and a total authorized capital of EGP 600 million. Subsequently, the Central Bank of Egypt will acquire the agency's shares, whose value is yet to be determined, to guarantee exports after the bill’s approval. This move is part of the government’s effort to support the local exporting sector and invigorate investments. It comes as Egypt seeks to bolster its exporting sector to reach a goal of $100 billion within a few years. In the past decade, the government provided roughly EGP 40.7 billion to support the export sector in its ambitious goal. Meanwhile, total exports of locally-made products were valued at $143.1 billion. Prime Minister Mostafa Madbouly continues discussions on improving exports, supporting production sectors, and increasing job opportunities, underlining the government’s commitment to improve trade relations with African countries.