Afreximbank: Egypt credit facilities record $17.6 bln since 1993

The Africa Export-Import Bank (Afreximbank) has secured, since its inception in 1993, $17.6 billion in credit facilities to support Egyptian financial institutions, an official in the bank said Monday.

Afreximbank’s cooperation portfolio with Egypt has reached $2.4 billion, representing 28.22 percent of its overall facilities portfolio, Kanayo Awani, the bank’s Managing Director of intra-African Trade Initiative, said.

The bank has a five-year strategy ‘IMPACT 2021’ aimed at turning Africa into a global trade hub by 2021, through boosting intra-African trade, accelerating Africa’s industrialisation, developing the continent’s export capacity and increasing its access to trade finance, he said.

The Afreximbank strategy seeks to increase intra-African trade to $250 billion from $175 million by 2021, he added.