Afreximbank to provide $200M to support SMEs in July

CAIRO – 26 June 2017: The African Export and Import Bank (Afreximbank) will disburse $200 to Egypt's second public bank, Banque Misr, to finance small and medium-size projects (SMEs) in July, the lender's President Dr. Bendict Okey Oramah said Monday.

Oramah's statement was part of a meeting with Minister of Investment and International Cooperation Dr. Sahar Nasr, where they discussed boosting cooperation between Cairo and Afreximbank, supporting SMEs to help the neediest Egyptians, in addition to bolstering regional integration among the countries of the continent, a Monday statement from the Ministry read.

During the meeting, Minister Nasr stressed on the importance of boosting regional integration, increasing investment in infrastructure in Egypt and other African countries and promoting industrial exports, which create jobs for the African youth.

Nasr and Bendict also discussed ways to increase Egypt's cooperation portfolio which amounted to more than $4 billion, representing around 40 percent of Afreximbank's total portfolio.

Afreximbank's President also expressed readiness to provide the needed support to the Egyptian companies and industries which will be exported to African nations. He also showed interest in supporting infrastructure and construction companies, stressing his confidence in the success of Egypt's economic reform program.