Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Afreximbank to lend $1.5 billion for projects in Egypt


Thu 07 Jun 2018 | 04:51 AM
Yassmine Elsayed

Benedict Oramah, President and Chairman of Afreximbank, announced that the bank intends to allocate $1.5 billion for Egypt to finance oil, petrochemical and other projects.

Additionally, around $8.5 billion will also be provided to other African countries to fund projects before the end of the year.

The Bank also aims to support inter-Africa trade to boost the exchange from around $175 million in 2017 to $250 million in 2021, reported Reuters.

Since its inception in 1994, Afreximbank has extended more $60 billion in loans and credit facilities to African governments and companies.