Afreximbank pledges $1.7 billion facility to Egypt in H1

The African Export-Import Bank (Afreximbank) is to secure around $1.7 billion facility to Egypt in the first half of 2016, said its chairman Benedict Oramah.

Afreximbank is committed to increase its financing to Egypt as part of a new cooperation strategy between the two parties, he added.

By the end of 2015, Afreximbank’s agreements with Egypt have totalled $5 billion, including facility deals with Egyptian banks.

Afreximbank’s support to Egypt also included a $500-million facility which it agreed with the Central Bank of Egypt earlier in February to help Egyptian importers alleviate temporary foreign currency availability constraints to the importation of strategic and key industrial products.