Sunday, June 24, 2018
Directory Directory Subscribe
Login
 

US EXIM Bank to invest $5 billion in Egypt’s infrastructure

 
 

Please, enter data

Please, enter data

Daily News Egypt, 17 March 2016

The chairman and president of the US Export and Import Bank Fred P Hochberg recently visited Cairo and met with President Al-Sisi to discuss investments of $4bn to $5bn in Egyptian infrastructure.
 
EXIM Bank is the official export credit agency of the United States. “Right now, EXIM Bank is receiving more inquiries about doing business in Egypt than at any time in our recent history,” said Hochberg.  “And, while these projects will help build Egypt’s future infrastructure, our short-term financing has already facilitated increased trade through the Egyptian banking sector. Egyptian companies’ ability to acquire high quality US goods and services, in turn, contribute to continued job growth in Egypt,” he added.

For example, Egypt’s Carbon Holdings plans to finance the Tahrir Petrochemicals project by tapping multiple export credit agencies, including EXIM Bank. The $7.6bn project will create economic opportunities for Egyptians and unite the resources of a number of countries – including the US – toward a partnership for a sustainable future and more private sector jobs in Egypt.

In its power sector, Egypt has set ambitious requirements for new power generation capacity and has several program initiatives underway in gas-fired and renewable energy projects. In 2015, EXIM Bank’s Board of Directors approved a multi-billion-dollar preliminary commitment to the national utility in support of a US exporter’s bid to construct power plants in Egypt.

These developments mean Egypt will continue to need faster and more efficient transportation to connect to local and global markets.  Egyptian National Railways – a long-time purchaser of US-made locomotives – is looking to upgrade its railcars and locomotives.  While a number of other countries are competing to win ENR’s business, EXIM has already approved an initial commitment of nearly $300m in financing for a sale of US locomotives to ENR.  The planned increase in rail capacity moves people and goods more rapidly and relieves congestion on heavily trafficked roads in Cairo and throughout Egypt.

And, as Egypt continues to engage in an increasingly interconnected world, it will need new, efficient, well-maintained aircraft.  Over the last decade, EXIM Bank financed more than 10 Boeing 737-800 aircrafts for Egypt Air, connecting Egypt to the world on some of the most modern, most comfortable, most fuel-efficient, and most versatile aircrafts.  Not only does this mean Egyptians can travel quickly and efficiently for business, it also offers tourists greater access to Egypt’s rich culture and history on a modern, networked fleet.

“In our challenging world, however, more travel means a greater need for technologies that will keep air and seaports safe.  As Egypt’s government and private sector leaders work to expand port capacity, US companies provide world-class goods and services in dredging, engineering, and safety technology,” said Hochberg.

Collectively, these opportunities represent the “Egypt Opportunity”, said Hochberg.
Daily News Egypt
17 March

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

QSE to launch investment incentives to boost market
The Peninsula, 21 June 2018

Qatar Stock Exchange (QSE) is poised to launch new investment incentives after a series of steps that have been taken during the current year to confirm its ...

Read full story
QSE to launch investment incentives to boost market
Saudi Arabia looks to raise OPEC+ group's production by 600,000 bpd
Arabian Business, 21 June 2018

Saudi Arabia is pushing a plan to increase the OPEC+ group’s production by about 600,000 barrels a day, according to delegates with knowledge of the ...

Read full story
Saudi Arabia looks to raise OPEC+ group's production by 600,000 bpd
Retail accommodation supply jumps by 200% since 2010
The Peninsula, 21 June 2018

The supply of organized retail accommodation increased by more than 200 percent since 2010, with the total supply of organized retail surpassing 1.39 million ...

Read full story
Retail accommodation supply jumps by 200% since 2010
Back to Home Page 3350 --- 0 <><><> 686.33333333333.....exvideo=0....eximage=0
P 0
BR 16

 
Entertainment KSA
3 - September 2018
The 2nd Annual Digital Transformation Summit
17 - September 2018
Future Traffic Security
24 - September 2018
Future Civil Defense
24 - September 2018
Global Road & Traffic Safety Forum - Abu Dhabi
24 - September 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Food Africa Cairo - 8 December - 10 December 2018  
  Mac Fruit Attraction - 8 December - 10 December 2018  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Qatar
Hospitality Qatar
HQ - Food Qatar
Iraq
Iraq Agrofood Baghdad
Project Iraq Baghdad
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved