Banque Misr to receive Afreximbank’s $200 mln SME facility in July – official

The African Export-Import Bank (Afreximbank) will provide Egypt’s second largest bank, state-owned Banque Misr with $200 million liquidity facility for next July, said president Benedict Oramah said on Monday.

The facility will go for financing of small and medium-sized industries and supporting light manufacturing activities in Egypt.

Oramah made these remarks during his meeting with Egyptian Minister of Investment and International Cooperation Sahar Nasr in Cairo on Monday.

The Central Bank of Egypt will act as the foreign currency procurements guarantor for the Afreximbank facility while the Arab African International Bank will be the custodian, Oramah said in earlier statement on June 21.

The facility will help to expand Egypt’s industrial base and would have significant impact on employment in the country by creating jobs, Afreximbank official added.

Oramah has told Minister Nasr that the Afreximbank is studying new financing for Egyptian investors’ projects in renewable energy and property development sectors.