Afreximbank, Egypt’s Arab Contractors sign $200 million facility deal

Egypt’s construction firm Arab Contractors has signed Sunday a $200 million credit facility agreement with the African Export-Import Bank (Afreximbank).

This is the first credit facility Afreximbank has ever provided for an Egyptian public firm.

The agreement testifies Arab Contractors’ ability to diversify its financing sources for its projects locally and globally by cooperating with major international financial institutions like Afreximbank, AC’s chairman Mohsen Salah said.

The new partnership with the Afreximbank will help the Egyptian company achieve greater presence in the African continent, said Heba Abdel Latif, head of debt capital markets at Commercial International Bank (CIB).