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Afreximbank to loan $600M to United Bank

Afreximbank to loan $600M to United Bank

ArabFinance: African Import-Export Bank (Afreximbank) will loan a total of $600 million to United Bank to finance small and medium enterprises (SMEs) and to support trade finance, Masrawy reported on June 6th.

In 2020, Afreximbank provided a credit facility of the same amount to the bank to help SMEs access financing during the covid-19 pandemic.

The African lender provided Egypt a total of $5 billion in 2020, including $3.55 billion to the banking sector for the sake of supporting the country’s economy through the pandemic.

In March, Afreximbank included Egypt on board its new transit guarantee scheme that is set for reducing trade costs.

 

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