More help is on the way for SMEs, courtesy of Afreximbank

Afreximbank will loan United Bank USD 600 mn for on-lending to SMEs and to support trade finance, Masrawy reports, citing sources it says are in the know. Afreximbank provided a credit facility of the same amount to the bank last year to help SMEs access financing during the covid-19 pandemic, the sources said. The African multilateral lender provided almost USD 5 bn to Egypt last year, including USD 3.55 bn to the banking sector to support the economy through the pandemic.