Afreximbank establishes main headquarters in Egypt's New Capital

CAIRO – 4 September 2023: Afreximbank and the Administrative Capital for Urban Development signed on Thursday a contract for the former to purchase a land plant whose surface area is 50,000 square meters to build a complex that will consist of the establishment's main headquarters in Africa, African Trade Center, hotel, and convention center.

The contract, brokered by the Ministry of Foreign Affairs, also provides the purchase of six other land plots to build office buildings for the bank's upper management with initial costs worth $32 million. Afreximbank's headquarters in the New Capital will be added to the seven others it has on the continent.

Banque du Caire announced in June increasing its investments in Afreximbank by $82 million, bringing the total to about $115 million. Earlier, the bank called on its shareholders to support its plan to raise capital by $6.5 billion.