ANNOUNCEMENT 23 Jun 2017
In June 2017, the African Export-Import Bank (Afreximbank) announced providing finance to Banque Misr to support small and medium-sized enterprises (SMEs) in their manufacturing activities.
NUMBER OF INTERVENTIONS
Afreximbank Approves $200-Million Facility to Help Banque Misr Support Egypt’s SMEs and Industrialisation. Afreximbank Press release. 23 June 2017. Available at https://www.afreximbank.com/afreximbank-approves-200-million-facility-to-help-banque-misr-support-egypts-smes-and-industrialisation/
On 23 June 2017, the African Export-Import Bank (Afreximbank) announced providing finance to Banque Misr. The USD 200 million financing facility will be used to support small and medium-sized enterprises (SMEs) in their manufacturing activities.
As per the press release, the Central Bank of Egypt (CBE) would be the foreign currency procurements guarantor for the facility while the Arab-African International Bank would be the custodian.
In this context, the president of the Afreximbank Dr. Benedict Oramah stated: "that the facility would help to expand Egypt’s industrial base and would have a significant impact on employment in the country by creating jobs."
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.