Banque Misr, Egypt’s second largest state-run bank, signed yesterday a $200 million loan agreement with the African Export- Import Bank (Afreximbank), Anadolu Agency reported.
According to a statement issued by Banque Misr, the agreement aims at supporting and financing Egypt’s small and medium-sized enterprises (SMEs) as well as strengthening the bank’s foreign currency resources.
The three-year term facility will also aim to fund the light manufacturing activities in the country.
The money is scheduled to be disbursed in July, according to the statement.
The transaction, the first between Banque Misr and Afreximbank, marks the beginning of an increased collaboration between the two financial institutions, paving the way for Banque Misr’s robust presence in Africa, in addition to its current representation in Lebanon, UAE, France, Germany and China.
In late April, Afreximbank granted a $300-million financing facility to the National Bank of Egypt (NBE), Egypt’s largest state-run bank, to support the country’s industrialisation efforts.
Afrixembank is the most prominent African multilateral financial institution that is dedicated for financing and promoting trade inside and outside Africa. Since its inception in 1993, it has granted credit facilities worth $13.8 billion to many Egyptian companies, which represent 33.7 per cent of the total funds approved by the bank.
Over the past few years, Egyptian private and public banks have started borrowing from international financial institutions, in an effort to resolve the severe foreign currency crisis that has hit the country following a sharp decline in the Suez Canal revenues, Egyptian remittances, tourism and exports.
According to the Egyptian planning ministry, the country’s external debt reached $71.8 billion last February, compared to $67 billion in late 2016.
Banque Misr, Egypt’s second largest state-run bank, signed yesterday a $200 million loan agreement with the African Export- Import Bank (Afreximbank), Anadolu Agency reported.
According to a statement issued by Banque Misr, the agreement aims at supporting and financing Egypt’s small and medium-sized enterprises (SMEs) as well as strengthening the bank’s foreign currency resources.
The three-year term facility will also aim to fund the light manufacturing activities in the country.
The money is scheduled to be disbursed in July, according to the statement.
The transaction, the first between Banque Misr and Afreximbank, marks the beginning of an increased collaboration between the two financial institutions, paving the way for Banque Misr’s robust presence in Africa, in addition to its current representation in Lebanon, UAE, France, Germany and China.
In late April, Afreximbank granted a $300-million financing facility to the National Bank of Egypt (NBE), Egypt’s largest state-run bank, to support the country’s industrialisation efforts.
Afrixembank is the most prominent African multilateral financial institution that is dedicated for financing and promoting trade inside and outside Africa. Since its inception in 1993, it has granted credit facilities worth $13.8 billion to many Egyptian companies, which represent 33.7 per cent of the total funds approved by the bank.
Over the past few years, Egyptian private and public banks have started borrowing from international financial institutions, in an effort to resolve the severe foreign currency crisis that has hit the country following a sharp decline in the Suez Canal revenues, Egyptian remittances, tourism and exports.
According to the Egyptian planning ministry, the country’s external debt reached $71.8 billion last February, compared to $67 billion in late 2016.
