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| 16 July, 2018

Egypt gets $400mln loan from Afreximbank

The 12-month term loan was fully transferred to the CBE at the end of June

A customer counts his U.S. dollar money in a bank in Cairo, Egypt  March 10, 2016.

A customer counts his U.S. dollar money in a bank in Cairo, Egypt March 10, 2016.

REUTERS/Amr Abdallah Dalsh

Cairo The Central Bank of Egypt (CBE) has received a $400 million loan from the African Export-Import Bank (Afreximbank) in June to finance the small- and medium-sized enterprises (SMEs) and the bank’s operations.

The 12-month term loan was fully transferred to the CBE at the end of June after the Egyptian bank settled the last installment worth $500 million from a $3.7 billion loan portfolio it had obtained in November 2016, Afreximbank executive vice president Amr Kamel told Almal News.

Reports previously mentioned that the CBE was in talks with the Afreximbank over a $500 million loan to finance SMEs and operations provided by the Egyptian central bank.

Source: Mubasher

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