The African Export-Import Bank (Afreximbank), is expected to provide $1.5 billion to Egypt to fund oil and petrochemical projects.
Benedict Oramah, President and Chairman of Afreximbank, announced that the bank intends to allocate $1.5 billion for Egypt to finance oil, petrochemical and other projects.
Additionally, around $8.5 billion will also be provided to other African countries to fund projects before the end of the year.
The Bank also aims to support inter-Africa trade to boost the exchange from around $175 million in 2017 to $250 million in 2021, reported Reuters.
Since its inception in 1994, Afreximbank has extended more $60 billion in loans and credit facilities to African governments and companies.