Afreximbank plans $3.2bln boost for Egyptian banks, companies

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African Export-Import Bank (Afreximbank) is set to allocate an additional $3.2 billion in financing to Egyptian banks and businesses, aiming to bring total facilities to them to a total of $5 billion by year-end, Haytham El Maayergi, the bank's Executive Vice President, told Asharq Business.

Over the past three years, Afreximbank has provided approximately $12.8 billion in funding to the Egyptian market, including $9.5 billion to the banking sector alone. Notable beneficiaries include Banque Misr, the National Bank of Egypt (NBE), and Elsewedy Electric.

During the first five months of this year, Afreximbank pumped $1.8 billion into Egyptian banks to support small- and medium-sized enterprises (SMEs) and intra-trade, with plans to grant credit facilities totaling and renew existing facilities for the Central Bank of Egypt (CBE), El Maayergi highlighted.

Afreximbank is currently collaborating with the CBE to integrate Egypt into the Pan-African Payment and Settlement System (PAPSS), he added.

This initiative aims to facilitate trade among African countries using local currencies, potentially reducing dependency on foreign exchange, he pointed out.

Since its launch in 2022, PAPSS has garnered participation from 13 African central banks and over 115 commercial banks.

Established in Cairo 30 years ago, Afreximbank is a pan-African financial institution dedicated to facilitating trade within and beyond the continent.