Chairman of Banque Misr Mr. Mohamed El Etreby signed an agreement with with Dr. Benedict Oramah, Chairman of the African Export-Import Bank (Afreximbank), for a $200 million loan from Afreximbank.
The agreement comes in the framework of Banque Misr's support for the diversification of financing sources, to be employed for local projects, as well as the bank's regular business. The loan period is three years, and the loan will be dispensed in July. The loan is set to consolidate the bank's dollar resources, as well as being directed to provide financing for small and medium enterprises.
The loan is considered the first deal between the two banks, paving the way for Banque Misr to establish a strong presence in the African continent, alongside its presence in Lebanon, the UAE, Paris, Frankfurt, and China.