Wednesday 06, June 2018 by Kudakwashe

Afreximbank to lend $1.5 billion for projects in Egypt

The African Export-Import Bank (Afreximbank), is expected to provide $1.5 billion to Egypt to fund oil and petrochemical projects.

  

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.

 

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