Afreximbank to grant $1bln financing to 4 Egyptian banks

PHOTO

Egypt - The African Export-Import Bank (Afreximbank) is currently in talks with four local banks over financing worth between $600 million and $1 billion, Afreximbank’s head of intra-African trade and corporate finance, Ayman Elzoghby, told Al Mal News.

Elzoghby said that all parties are expected to reach an agreement very soon.

Afreximbank’s head did not disclose the names of the banks nor the purpose of the financing.

Elzoghby noted that Afreximbank has renewed its $500 million loan with the Egyptian General Petroleum Corporation (EGPC).

The facility was disbursed by Afreximbank in 2020, alongside the National Bank of Egypt (NBE), to help the state-owned energy company finance imports of crude oil and petroleum products.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.