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Afreximbak to lend Egypt $500 million to ease dollar crunch

Afreximbak to lend Egypt $500 million to ease dollar crunch

Egypt

Egypt is set to acquire a $500 million loan from the African Export-Import Bank (Afreximbank).

The facility is to help Egyptian importers navigate the dollar shortage that has gripped the country.

The deal will provide a trade liquidity facility to Egyptian importers, focusing on imports considered strategic to the economy.

Egypt’s central bank reserves dwindled from some $36 billion before 2011 to $16.48 billion at the end of January this year.

The loan facility from the Afreximbank is part of a programme that was approved in December and is worth more than $ 3.5 billion.

It is aimed at helping member countries adjust to a collapse in commodity prices and the impact of political violence.

The north African country has struggled to revive its economy since the 2011 uprising.

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