Afreximbank studies $1 billion finances for Egypt oil, SME sectors

The African Export-Import Bank (Afreximbank) is studying a new financing programme worth $1 billion with Egypt before the end of 2016, said executive vice-president for business development & corporate banking on Sunday.

The money is to support a number of various economic sectors, in coordination with the Egyptian central bank, Amr Kamel further told Amwal Al Ghad.

Kamel said the financing would include a new credit line worth around $500 million to fund small and medium-sized industries in Egypt amidst the government’s growing interest to technically and financially support those industries.

The financing scheme will also involve around $200 million for the Egyptian petroleum sector in form of direct financing or a letter of guarantee, he added.

“The bank is all ready to provide the technical and financial support for the Egyptian companies that are willing to expand their export activities and to invest in Africa in the coming period.” Kamel said.

Afreximbank was established in Abuja, Nigeria in October 1993 by African Governments, African private and institutional investors as well as non-African financial institutions, and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.