The African Export–Import Bank (Afreximbank) signed a credit facility agreement worth $200m with the Egyptian General Petroleum Corporation (EGPC) on Thursday to support the expansion of electricity generation and distribution in the country.
Head of the bank, Benedict Okey Oramah, said the facility will secure the required fuel to support Egypt’s industrial sector through financing fuel imports.
He added that the facility is part of the bank’s strategy to support key sectors that could support the industrialisation of Africa. Over the past few years, the bank granted $2bn worth of credit facilities in the field of power generation and distribution in Egypt and export of energy products from Egypt to the rest of Africa.
The bank has agreed to give more than $7bn in facilities to Egyptian entities, of which $5bn have been disbursed, The bank’s credit portfolio for Egypt amounts to over $4bn.