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Wednesday, 21 August 2019

Afreximbank: $2.3 billion in funding for Egypt this year

Sara El-Issawy, Saturday 14 Jul 2018
Amr  Kamal
Deputy head of the Export import bank of Afric Amr Kamal (Photo: Sara El-Issawy)
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Amr Kamel, deputy head of African Export and Import Bank (Afreximbank) , said that the bank's total financing to Egypt during the first half of this year reached US$1.7 billion— through bank loans worth one billion dollars and start companies worth $700 million —  to support Egyptian exports to African countries.

Afreximbank also plans to inject additional funds into Egypt by the end of the year, amounting to $600 million during the second half of this year, pointing out that the total funding received by Egypt in 2018 is $2.3 billion.

Kamel revealed a new study by the bank to launch an investment fund between Egypt, Sudan and Ethiopia, to boost bilateral investments and boost trade relations and finance development projects among the three countries.

Kamil added that the bank is seeking to launch new initiatives and mechanisms to promote trade, including the new electronic platform launched by the bank to provide information on corporate governance and various institutions operating in the continent of Africa, and combating money laundering and terrorism.

He said the platform, which is to be named "MANSA," will be designed by a coalition of companies, including the Egyptian firm Sumerge.

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