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Egypt-Afreximbank cooperation portfolio totals $6.5B

Egypt-Afreximbank cooperation portfolio totals $6.5B

Arab Finance: The cooperation portfolio between Egypt and the African Export-Import Bank (Afreximbank) across all the sectors has reached a value of $6.5 billion, according to an official statement on June 18th, citing Minister of Finance and President of the bank’s General Assembly Mohamed Maait.

The bank has achieved strong financial results in the past two years despite global challenges, as income surged 15% year-on-year (YoY) in 2021, Maait revealed.

Public capital reached $2.6 billion to help member states cope with global shocks, he added.

Moreover, Maait noted that Afreximbank has financed the Fund for Export Development in Africa (FEDA) with $291.8 million to develop and automate the bank, which contributes to the promotion of governance and realization of objectives.

The bank has provided African countries with $8 billion worth of credit facilities since March 2020 to help them address the economic and health impacts of Covid-19 pandemic, Maait said.

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