The Export Credit Guarantee Company of Egypt (ECGE), which began operations in September 1993, offers the first guarantee of payments for Egyptian exports produced either totally or partially within the country by either Egyptians or foreigners. The Export Development Bank of Egypt (EDBE), which offers loans for export-oriented projects, played a key role in founding the ECGE, established by Law 21/1992. The ECGE has issued capital of E£10m (US$1.62m), plus proceeds of a E£50m (US$8.11m) government bond issued through the public-sector National Investment Bank. The ECGE provides guarantees against import or political risk. Import risk is defined as the importer’s inability to pay for the exported goods or the importer’s refusal to receive the shipping documents of exported goods, although the exporter fulfilled all obligations.
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