African Export-Import Bank (Afreximbank) will loan Egypt’s United Bank $600 million for on-lending to support small and medium-sized enterprises (SMEs) and trade finance in the North African country, according to local press.
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In 2020, the African multilateral lender provided a credit facility of the same amount to the United Bank to help SMEs access financing during the COVID-19 pandemic, the sources further told the newspaper.
Afreximbank provided almost $5 billion to Egypt last year, including $3.55 billion to the banking sector to support the economy through the pandemic.
