Afreximbank provides Egypt’s banking sector with $3.55B to soften COVID-19 blow

The African Export-Import Bank (Afreximbank) is providing $3.55 billion to the Egyptian Banking sector under its Pandemic Trade Impact Mitigation Facility (PATIMFA) since the outbreak of the coronavirus pandemic in March this year.

“In its bid to strengthen long-term economic prosperity in the region, the Bank has also provided $300 million to the National Bank of Egypt to support activities aimed at expanding intra-African trade,” Afreximbank added.

It added that the 3.55 billion support has been provided to the Central Bank of Egypt and other Egyptian Banks through Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).