Egypt pays $406 mln debt to Afreximbank: central bank

Egypt paid back $406 million of debt to the African Export-Import Bank (Afreximbank) at the end of May, the central bank said in a statement on Sunday.

Afreximbank is a Cairo-based multilateral institution focused on financing and promoting trade in Africa. It was established in 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors.

Afreximbank provides technical and financial support Egyptian corporates and financial institutions. Since inception in 1993, the bank’s cooperation portfolio with Egypt included approvals of credit facilities totaling about $14.1 billion and disbursals of $9 billion.