Egypt’s United Bank secures Afreximbank $600 million loan to support SMEs – sources

African Export-Import Bank (Afreximbank) will loan Egypt’s United Bank $600 million for on-lending to support small and medium-sized enterprises (SMEs) and trade finance in the North African country, a local newspaper reported on Sunday.

In 2020, the African multilateral lender provided a credit facility of the same amount to the United Bank to help SMEs access financing during the COVID-19 pandemic, the sources further told the newspaper.

Afreximbank provided almost $5 billion to Egypt last year, including $3.55 billion to the banking sector to support the economy through the pandemic.