According to a new statement from the African Export-Import Bank, it is in the process of investing USD 2.3 Bn In Egypt. This was revealed by Afreximbank’s Global Head of Advisory & Capital Markets, Ibrahim Sagna.
Reports following the development point out that the North African country is one of the bank’s most significant shareholders. The bank liaises with governments and the private sector, getting its capital from 51 African countries.
April this year, South Sudan secured investments worth USD 500 Mn from Afreximbank. The funds were dedicated to power transmission, infrastructure, and agri projects in the East African country. The financing was also considered to boost ventures with the intention of funding in South Sudanese government-identified projects.
The fresh number for Egypt comes hot on the heels of different funding figures released. According to a yesterday WeeTracker report, Swiss companies have invested a total of USD 1.6 Bn in Egypt, the gateway to African markets. This week, the Arab nation signed agreements worth USD 60 Mn with the United States to boost activities in a variety of fields.
Egypt, who has a USD 13.8 Bn dollar trade volume with China, gets funds from the Afreximbank via its own banks. According to Sagna, Egyptian banks get up to 90 percent of the bank’s investment portfolio in the country. “The banks then pump the money into different projects, particularly in the field of energy,” the statement said.
Headquartered in Cairo, the African Export-Import Bank was established in 1993 by African governments and investors to become the trade finance bank for the continent. The initiative is to stimulate the consistent expansion as well as diversification of African trade in order to increase the African share of global trade.
Featured Image: Africa Investor