AfreximBank plans to provide as much as USD 1 bn in funding to Egypt’s private, public sectors this year

AfreximBank is planning to provide as much as USD 1 bn in funding to Egypt this year, Executive Vice President Amr Kamel said at the bank’s conference on intra-African trade on Thursday. The bank is currently eyeing several new loan agreements with public and private sector companies in Egypt, including Elsewedy Electric, according to Kamel. AfreximBank has already provided the Egyptian General Petroleum Company and Telecom Egypt with USD 200 mn each and is about to disburse a USD 95 mn loan to the National Bank of Egypt (NBE), Kamel said. NBE and AfreximBank had signed a USD 300 mn three-year financing agreement in April 2017 to support an SME funding initiative launched in 2016. NBE has already received USD 200 mn of the financing, as we noted last week.