On 12 October 2006, within the framework of the visit to Russia by Rachid Mohamed Rachid, Minister of Trade and Industry of Egypt, Vneshtorgbank and Export Development Bank of Egypt signed a Cooperation Agreement.
The Agreement is designed to enhance mutually rewarding partnership between Vneshtorgbank and Export Development Bank of Egypt in order to facilitate banking services underpinning foreign trade turnover between the Russian Federation and the Arab Republic of Egypt. In particular, the Agreement provides for stronger cooperation in trade finance, investment support and export enhancement; a further boost is also expected in cooperation in capital market.
For reference:Export Development Bank of Egypt is a state-owned bank engaged in financing export and import operations. As of 30.06.2005, the Bank's shares amounted to USD 1.33 billion; net profit is about USD 10.4 million