Cairo – Mubasher: The Arab Bank for Economic Development in Africa (BADEA) will grant Banque Misr a $50 million renewable line of credit (LOC), minister of investment and international cooperation Sahar Nasr said in a statement on Thursday.
This LOC will be given with facilitated conditions to help Egyptian investor to enter the African market, Nasr added.
The Ministry of Investment and International Cooperation (MIIC) noted that the line targets a number of promising sectors in the African market, which are categorised as necessary commodities for African citizens, including medicines, fertilisers, food, electric equipment, and petroleum materials.
The minister mentioned that Banque Misr will be awarded the agreed-on sum to finance the exportation processes of the Arab commodities with no less than 30% of the line’s outcome.
The MIIC started negotiations with the BADEA to bolster Egyptians interested in the African market through directing a cluster of finance programs that will meet their needs and adjust with the market’s special criterion.
On 5 July 2017, the MIIC signed an agreement with the BADEA to allocate about $200 million to promote for Egyptian investors’ opportunities in Africa.
