Afreximbank gives $577m credit to Egypt’s trade sector in two years

The African Export-Import Bank (Afreximban) says it has granted credit facilities totalling $577 million to the Egyptian trade sector between 2012 and 2014.

In a press release citing the Executive Vice President of the Bank in charge of Business Development and Corporate Banking, Dr. Benedict Oramah, it said the Bank had also facilitated exports by Egyptian entities to some 15 African countries and was providing United States dollar liquidity to Egyptian banks for import financing.

According to the release, the Bank had designed a special product to provide liquidity to SMEs in Africa.

By Emmanuel K. Dogbevi