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The Arab Bank for Economic Development in Africa (BADEA) and the National Bank of Egypt (NBE) signed a US$10 million line of financing agreement to finance Arab exports to Sub-Saharan African countries.
The agreement was signed on behalf of BADEA by its Director-General Abdelaziz Khalaf, and on behalf of NBE by its Vice Chairman Sherif Elwi.
The bank signed this agreement as part of its plan to finance Arab exports to African countries and its commitment towards improving commercial trade among the Arab and African countries.
BADEA’s total commitments to Exports Financing Scheme (BEFS) reached US$327 million as at the end of 2012.
