Afreximbank, Banque Misr to sign $200 mln financing deal this month

Egypt’s second largest bank, state-owned Banque Misr is expecting to receive this month a $200 million financing facility from the African Export-Import Bank (Afreximbank).

The facility will go for supporting Egypt’s small-sized projects and trade operations.

Banque Misr is seeking to secure financing from a number of international financial institutions in addition to $500 million from the European Investment Bank, the bank’s vice chairman Akef El Maghraby told Amwal Al Ghad on Wednesday.

Earlier, Afreximbank signed late April a $300 million financing facility agreement with Egypt’s largest public lender National Bank of Egypt (NBE) to support the country’s SMEs in the industrial and agricultural sectors.