BADEA grants Banque Misr $50M renewable line of credit

CAIRO – 28 September 2017: The Arab Bank for Economic Development in Africa (BADEA) granted Banque Misr on Wednesday a $50 million renewable line of credit with facilitated conditions, the Ministry of Investment announced Thursday.

Through the line, Banque Misr will receive the agreed-on cash to finance the export processes of the Arab commodities with no less than 30 percent.

The granted line aims to support the entrance of the Egyptian investors into the African market. The line targets a number of promising sectors in the African market, which are recognized as necessary commodities for African citizens.

These commodities are topped by medications, fertilizers, food products, electric utilities and manufactured petroleum products, the Minister of Investment Sahar Nasr added.

The Ministry entered in the negotiations with BADEA to support Egyptians interested in the African market through directing finance programs that will meet their needs and accommodate the special norm of the market.

The Minister of Investment Sahar Nasr said that the ministry has finished the first package of programs with BADEA.

The ministry seeks cooperation with the bank to promote the opportunities of the Egyptian businessmen in the African countries.