Egyptian-Japanese credit line approved

Published November 13th, 2000 - 02:00 GMT

At the end of the meetings held by the Egyptian Japanese Business Council, the head of the Egyptian representative delegation to these meetings, Abdul-Monaem Saudi, revealed that the management of the Japanese Development Bank has agreed to incorporate a $300 million credit line.  


This credit line will be granted to the private sector for commercial exchanges or investment purposes. The Japanese Exports Promoting Bank will contribute $100 million of this credit line, while the rest of this sum will be contributed by Egyptian commercial banks with no governmental guarantee. 


Furthermore, during these joint meetings, the parties agreed to set up a joint trade enterprise in Egypt based on the work mechanism of the operating trade enterprises in Japan. The core objective of this new company is to finance Egyptian exports to Japan and the rest of the world. This company will also offer technical assistance and the benefits of marketing experience to the Egyptian factories. –(Albawaba-MEBG) 

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