Cairo- Mubasher: The African Export-Import Bank (Afreximbank) plans for providing new funding worth $500 million for Egyptian banks, Afreximbank's Executive Vice President of Business Development and Corporate Banking Amr Kamel told Al Mal newspaper.
Afreximbank, a Cairo-based multilateral institution focused on financing and promoting trade in Africa, is in talks with the Central Bank of Egypt (CBE) concerning the new funding and its disbursal, he added.
On 8 December, Export Development Bank of Egypt (EBE) signed a deal with Afreximbank to secure $500 million credit facility to boost investments of Egyptian companies and their exports to African countries.
EDB noted that its agreement with Afreximbank might extend to join other Egyptian lenders in the future.
Egypt's foreign debt jumped to $79 billion by the end of June 2017, up $55.8 billion from the same period a year earlier.
