Speaking to local media, El-Zoghby explained that, during the Intra-African Trade Fair (IATA 2023), the bank signed agreements with Hassan Allam Holding, Elsewedy Electric, and Arab Contractors
The African Export-Import Bank (Afreximbank) decided to extend credit facilities worth $3 billion to Egyptian companies in support of developing infrastructure projects across Africa, according to Ayman El-Zoghby, Acting Director of Trade and Corporate Finance at Afreximbank.
Speaking to local media, El-Zoghby explained that, during the Intra-African Trade Fair (IATA 2023), the bank signed agreements with Hassan Allam Holding, Elsewedy Electric, and Arab Contractors.
Hassan Allam Holding and Afreximbank signed a $200 million credit facility to support its projects across Africa and the Middle East. The deal included time loans, discounting, and special guarantees to be distributed to Hassan Allam Construction and affiliated companies within the Hassan Allam Group.
Elsewedy Electric closed a deal with the bank for $300 million to finance letters of guarantee for contracting businesses and working capital to implement its African projects.
Similarly, Arab Contractors received a $200 million facility to help fund its letters of guarantee for its continental projects.
El-Zoghby and the bank did not disclose to which companies or entities the remaining $2.4 billion will be distributed.
He added that Afreximbank is looking to expand its support, approximately $10-12 billion, to other Egyptian companies within the fields of medicine, construction, and more.
Currently, Afreximbank’s financing portfolio in Egypt stands at around $28 billion, according to El-Zoghby, who pointed out that the bank has supported numerous companies in 52 African countries.
On Sunday, the bank’s president, Benedict Oramah, announced the launch of an African cross-border trade system, worth an estimated $1 billion, to support continental integration and economic growth, and strengthen the competitiveness of cross-border trade.
