CIB’s vision for a flourishing Kenya-Egypt trade
The Commercial International Bank (CIB) has unveiled ambitious plans to support traders from Kenya and across East Africa looking to conduct business directly in Egypt.
This announcement came during the Kenya-Egypt forum, which marked the first meeting between the two countries and highlighted CIB’s commitment to facilitating trade for Egyptian businesses currently operating in Kenya.
Daphne Maina, the acting CEO of CIB Kenya, announced the bank’s dedication to funding trade and investment opportunities for Egyptian companies in Kenya over the past two years.
With a solid presence in Kenya, CIB aims to provide a seamless platform for businesses to unlock growth opportunities, not only for Egyptian companies but also for Kenyan businesses seeking to expand into Egypt.
Ms. Sheila Kyarisiima, an Independent non-Executive Board Member of CIB Kenya, highlighted the bank’s intention to invest in deepening trade networks between Kenya and Egypt.
This strategy aims to maximize the under-tapped potential of Intra-African trade, which could lead to new business opportunities and markets in both countries, contributing to their national economic development goals.
Read also: Egypt’s lender CIB buys out Kenya-based Mayfair Bank for Sh5 billion
Egyptians looking to do business in and with Kenya
CIB’s entry into the Kenyan market four years ago through the acquisition of Mayfair Bank has positioned it as Egypt’s largest private sector bank by assets, exceeding $24 billion.
Listed on both the Egyptian and London Stock Exchanges, CIB has been welcomed in the Kenyan banking sector, with clients and regulators showing open support for its operations.
Mr. Essam El Wakil, Independent Board of Directors & Chairman Board Risk Management Committee of CIB Kenya, expressed confidence that Egyptians looking to do business in and with Kenya will find a welcoming environment full of opportunities.
He noted the support from the government and regulatory bodies, which will ease the way for Egyptian businesses into the Kenyan market.
Egypt is strategically shifting its economic strategy by enhancing collaboration with sub-Saharan Africa through public-private partnerships.
The Kenya-Egypt forum this week attracted 40 Egyptian companies from various sectors, including construction, transport, water, tourism, manufacturing, and healthcare.
CIB aims to play a critical role in establishing and nurturing trade between Kenya and Egypt by acting as a link between the two countries.
The bank’s focus on facilitating exports targets existing business lines, particularly in the tea trade, where Egypt stands as the second-largest market for Kenyan tea exports.
Additionally, Kenya exports a variety of goods to Egypt, including coffee, nuts, meat, wheat, flowers, skins, hides, and live animals.
On the other hand, Egyptian businesses export fertilizer, textiles, building materials, medicines, vehicles, electronic appliances, electricity accessories, and sports equipment to Kenya.
The Egyptian government delegation, led by the Minister of Foreign Affairs, the Minister of Electricity and Renewable Energy, and the Minister of Trade & Industry, demonstrated Egypt’s commitment to strengthening economic ties with Kenya.
