The African Export-Import Bank (Afrieximbank) has demonstrated its commitment to the Egyptian economy and the country’s industrialization efforts by granting a $300 million financing facility to the National Bank of Egypt (NBE).
The facility will support the country’s small and medium-sized enterprises (SME) initiative which seeks to provide five billion Egyptian pounds in loans to industrial and agricultural SMEs through NBE which has a history of properly utilizing and disbursing financing to SMEs.
Afrieximbank President Dr. Benedict Oramah noted, “We will be empowering small and medium-scale enterprises in the industrial and agricultural sectors to realise their business ambitions. As SMEs are major employers of labour in any economy, we expect this facility to boost employment and overall welfare of the Egyptian people.”
The hard currency facility will enable beneficiaries to access essential investment goods from the international market to improve their competitiveness.
The pan-African multilateral financial institution that finances and promotes intra- and extra-African trade has approved credit facilities totalling $13.8 billion to Egyptian entities since inception in 1993. It currently had an outstanding credit portfolio of $4.2 billion for Egypt.
The Industrialization Support Facility agreement was signed by Oramah and Hesham Okasha, Chairman of NBE on behalf of their respective institutions in Cairo, Egypt.
Source: Footprint to Africa