Afreximbank to sign $500mn credit lines for Egypt SMEs in two weeks

The African Export-Import Bank (Afreximbank) plans to sign $500 million credit line contracts with two state-owned banks from Egypt within two weeks, a source with knowledge in Afreximbank said Tuesday.

The credit lines will go for financing small and medium-sized projects in Egypt, notably for small factories as part of Afreximbank’s keenness to support the Egyptian government’s plans to boost the SME financing, the source told Amwal Al Ghad.

Afreximbank has expressed its full readiness to provide the technical and financial support for Egyptian companies, notably those that are willing to expand exports to the African markets in the coming period, the source added.