Cairo: The African Export-Import Bank (Afreximbank) plans to pump around $1 billion in financing in Egypt this year.

The bank is currently considering lending many of the Egyptian market’s companies, including Elsewedy Electric Co, Afreximbank’s vice president Amr Kamel told Alborsa News.

The bank has recently reached an agreement with the Egyptian General Petroleum Corporation (EGPC) to arrange a $200 million facility, in addition to another loan of the same value for Telecom Egypt last month, he added.

Kamel indicated that the bank will also grant a $95 million loan for the National Bank of Egypt (NBE).

Afreximbank and NBE had signed a three-year loan deal worth $200 million in April 2017 to bolster the small- and medium-sized enterprises initiative launched by Egypt in 2016.

Source: Mubasher

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