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Afreximbank to loan $200M to Banque du Caire

Afreximbank to loan $200M to Banque du Caire

ArabFinance: African Import-Export Bank (Afreximbank) will loan a total of $200 million to Banque du Caire, Al Mal News cited Chairman and CEO Tarek Fayed on June 10th.

Fayed added that the funding will be allocated for the bank’s expansion plan in Africa, as the bank already has branches in Cairo and Uganda.

The loan will be also used to finance intra-trade operations across Africa.

Fayed further noted that the bank plans to inject more investments in financing fintech projects and startups.

The bank is also studying establishing affiliated companies to provide banking services to its customers.

In 2020, Banque du Caire achieved a net profit of EGP 3.2 billion, compared to EGP 4.8 billion in 2019.

On June 7th, Afreximbank announced that it will provide a $600 million loan to United Bank to finance small and medium enterprises (SMEs) and to support trade finance.

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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