Afreximbank Renews 2 Loans for The United Bank-Egypt, Worth $ 1 Bn

Afreximbank (African Export-Import Bank) has renewed 2 loans for The United Bank in Egypt for a duration of one year, with a total value approaching $ 1 bn. The loans are secured by the Central Bank of Egypt, as stated by a banking official speaking to East Economy.

The United Bank, which is owned by the Central Bank of Egypt, is among the Egyptian banks being targeted for divestment as part of a plan to sell more than 32 state-owned companies. These assets are to be offered in the stock market or sold to strategic investors, or both.

The official added that one of the loans amounts to $ 380 mn, while the other loan is worth $ 600 mn. The aim of these loans is to provide funding for various projects.

In recent times, Egypt has been selling some of its assets to investors to generate dollar liquidity. It has successfully raised up to $ 1.9 bn and hopes to raise another billion dollars from the sale of other assets in the near future, according to statements by Prime Minister Mostafa Madbouly.