Egypt is negotiating with an African bank for a loan that it hopes would boost its exports to countries of the continent, the Trade and Industry Ministry said in a statement on Wednesday.
According to the statement, Minister Mounir Fakhry Abdel Nour said negotiations were underway with the African Export-Import Bank for obtaining a loan worth of US$500 million designed to facilitate and boost the flow of Egyptian exports to African markets, as well as supporting projects Egypt implements at the bank’s member states.
His statements came during a meeting with representatives from the 37-member bank which was established in 1993.
The minister noted that the bank has, over the past few years, backed the commercial sector in Egypt with credit lines and risk guarantees, with a total of accumulative loans worth of $577 million for Egyptian companies between 2012 and 2014. He also pointed that the bank facilitated Egypt’s exports’ access to at least 15 African countries.
