{"id":573044,"date":"2020-07-19T04:07:31","date_gmt":"2020-07-19T04:07:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/egypt-has-landed-c-usd-6-1-bn-in-loans-and-other-financing-from-afreximbank-european-investment-bank\/"},"modified":"2020-07-19T04:07:31","modified_gmt":"2020-07-19T04:07:31","slug":"egypt-has-landed-c-usd-6-1-bn-in-loans-and-other-financing-from-afreximbank-european-investment-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/egypt-has-landed-c-usd-6-1-bn-in-loans-and-other-financing-from-afreximbank-european-investment-bank\/","title":{"rendered":"Egypt has landed c. USD 6.1 bn in loans and other financing from Afreximbank, European Investment Bank"},"content":{"rendered":"

<\/a> DEBT WATCH- Egypt has landed c. USD 6.1 bn in loans and other financing from Afreximbank, European Investment Bank.<\/strong> The African Export-Import Bank (Afreximbank) has earmarked USD 3.9 bn for Egypt to mitigate covid-19 fallout and stimulate trade with the rest of the continent. Afreximbank has disbursed USD 3.55 bn to Egypt\u2019s banking sector under its Pandemic Trade Impact Mitigation Facility (Patifma), the regional lender said in a statement<\/a>. Afreximbank has also signed off on a further USD 300 mn to the National Bank of Egypt to encourage intra-African trade, as well as a USD 250k grant to the government to support covid-19 relief efforts.<\/p>\n

Proceeds provided to banks under Patifma will help shore up the sector\u2019s FX liquidity.<\/strong> Credit facilities under this program aim to prevent disruptions in trade and avert defaults, Afreximbank President Benedict Oramah said. \u201cEgypt has been a regional banking powerhouse for more than a century and will play a vital role in expanding intra-Africa trade as the continent recovers from the pandemic and reaps the benefits of the African Continental FreeTrade Area,\u201d he added.<\/p>\n

Separately, we\u2019re getting EUR 1.9 bn from the European Investment Bank<\/strong> (EIB), which signed off last week on a combined EUR 1.9 bn in new financing, according to a statement<\/a>. The funding includes EUR 800 mn for \u201ccovid-19 related business investment\u201d and another EUR 1.1 bn for public transport infrastructure development across the country, the statement says. The pandemic-related investment is designed to \u201cimprove public health, strengthen public services and back investment by companies in sectors hit by the pandemic.\u201d The EIB had said last month<\/a> it was looking at a potential EUR 670 mn financing package for Egypt and some of its developing neighbors to help combat the pandemic.<\/p>\n

The EIB funding is part of a EUR 16.6 bn package<\/strong> for \u201ccovid-19 health response and economic resilience, climate, clean transport, energy and housing\u201d across its footprint, the bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"

DEBT WATCH- Egypt has landed c. USD 6.1 bn in loans and other financing from Afreximbank, European Investment Bank. The African Export-Import Bank (Afreximbank) has earmarked USD 3.9 bn for Egypt to mitigate covid-19 fallout and stimulate trade with the rest of the continent. Afreximbank has disbursed USD 3.55 bn to Egypt\u2019s banking sector under […]<\/p>\n","protected":false},"author":1,"featured_media":573045,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[421,107,7106,72,5532,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-afreximbank","tag-covid-19","tag-debt","tag-enterpriseam","tag-pandemic-trade-impact-mitigation-facility","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4cf1edfe-551d-43cc-ab65-ec4dcccbeaa8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/141.jpg","photo_position":"above","related_issue":[573039],"teaser":"","voice_url":""},"yoast_head":"\nEgypt has landed c. 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Afreximbank provided a credit facility of the same amount to the bank last year to help SMEs access financing during the covid-19 pandemic,\u2026","rel":"","context":"In "SMEs"","block_context":{"text":"SMEs","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/smes\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556048,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/new-infusions-of-usd-for-state-banking-system\/","url_meta":{"origin":573044,"position":2},"title":"New infusions of USD for state, banking system?","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"The Madbouly government is looking to raise USD 2 bn through a three-year syndicated facility, according to a Finance Ministry statement on Friday. The loan will include ESG and Islamic finance components, with the ESG tranche set to target green projects under the Finance Ministry\u2019s green financing framework, Emirates NBD,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566306,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/state-banks-get-plenty-of-funding-from-global-lenders\/","url_meta":{"origin":573044,"position":3},"title":"State banks get plenty of funding from global lenders","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"Banque du Caire (BdC) signed a financing agreement worth USD 200 mn with the African Export-Import Bank (Afreximbank), chairman and CEO of BdC Tarek Fayed told Al Mal in an interview today. The funding will be directed at BdC\u2019s expansion plans in Africa and financing intra-trade across the continent, he\u2026","rel":"","context":"In "SPEED ROUND: DEBT WATCH"","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628090,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/cbe-in-talks-with-afreximbank-for-usd-500-mn-loan-for-imports-sme-financing\/","url_meta":{"origin":573044,"position":4},"title":"CBE in talks with Afreximbank for USD 500 mn loan for imports, SME financing","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"The CBE is in talks with Afreximbank for a USD 500 mn loan that will be geared toward funding trade and imports as well as SME financing, an unnamed source from Afreximbank tells Al Shorouk. If it comes through, the facility would be yet another sign that the international finance\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604631,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/afreximbank-pledges-usd-2-bn-for-egypt-in-2019\/","url_meta":{"origin":573044,"position":5},"title":"AfreximBank pledges USD 2 bn for Egypt in 2019","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"The African Export Import (AfreximBank) Bank has earmarked USD 2 bn for Egypt in 2019, President Benedict Oramah said during the Africa 2018 forum in Sharm El Sheikh, according to Al Mal. The new financing will be directed largely towards manufacturing and petrochemical projects.","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=573044"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573044\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573045"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573044"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573044"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}