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Banque du Caire announced an increase in its investment in the African Export-Import Bank “Afreximbank” by $82 million, bringing its total investment in the bank to about $115 million.
Chairman and CEO of Banque du Caire, Tarek Fayed, emphasized in a statement the importance of this step, as Egypt will become one of the largest shareholders of the Afreximbank, which plays an important role in promoting trade between Africa and the world.
He explained that Banque du Caire’s contribution to increasing the capital of “Afreximbank” comes in support of the bank’s expansion plan in the African continent, and the implementation of many initiatives to support the growth and development of the continent and the advancement of African economies, especially in light of the efforts made by the Bank in facing the repercussions of the Coronavirus crisis.
“Banque du Caire’s commitment to contribute $82 million to the capital increase of Afreximbank came due to the strong relationship between the two banks in line with Banque du Caire’s strategy to enhance its presence in the African continent,” he added.
Earlier, Afreximban called on its shareholders to support its plan to raise capital by an amount of $6.5 billion, of which $2.6 billion will be paid, in order to enhance its ability to provide the necessary financing to deal with the repercussions of the corona pandemic on the African continent and provide the necessary financing to supply vaccines to African countries, in addition to enhancing intra- and external trade for the continent.
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