Banque Misr has invested $201.1 million in African Export-Import Bank (Afreximbank), of which $80.5 million is a paid-in amount in Afreximbank’s capital increase.
This investment has enabled Banque Misr to become the largest non-sovereign shareholder of Afreximbank, raising its stake in Afreximbank to 5.8% from 3.1% according to a press release on Monday.
In July 2021, Afreximbank announced a capital raise to tackle the coronavirus (COVID-19) pandemic challenges and enhance medium-to-long term sustainable trade and economic development in Africa.
The Chairman of Banque Misr, Mohamed Eletreby, said: “We aim to continue supporting the bank in its vital mandate of serving the African continent.”
Meanwhile, the President and Chairman of Afreximbank, Benedict Oramah, said: “With this investment, Banque Misr has further strengthened its relationship with the Bank, resulting in greater collaboration at the strategic and business levels.”
