Afreximbank renews $1B loans to United Bank of Egypt

Updated 7/30/2023 1:40:00 PM
Afreximbank renews $1B loans to United Bank of Egypt

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.

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