African Development Bank mulls $100 million line of credit for Egypt’s Banque Misr

The African Development Bank (AfDB) is considering a new line of credit up to $100 million to Egypt’s state-run lender Banque Misr for on-lending to small and medium-sized businesses.

AfDB and Banque Misr is expected to sign the new financing agreement in the fourth quarter of the current year, an official at the AfDB told Amwal Al Ghad on Monday.

The African bank had a portfolio of 110 projects in various projects in Egypt, representing commitments of $7 billion, including $1 billion for private-sector projects in areas of manufacturing, financial, transport, water, and agriculture.