Arab Finance: The Board of Directors of African Export-Import Bank (Afreximbank) has renewed their approval of a $1 billion worth of two loans to the United Bank of Egypt, with a guarantee from the Central Bank of Egypt (CBE), Asharq Business reported on July 30th, citing unnamed source familiar with the matter.
The first loan is worth $380 million, and the other one is $600 million, the source added.
Both loans will be used in financing new projects, according to the source.