The Egyptian banking sector has received a financial injection to strengthen intra-African trade in the wake of the COVID-19 pandemic.

A total of US$3.55 billion has been provided to Egyptian banking institutions by the African Export-Import Bank (Afreximbank) since March this year, under its Pandemic Trade Impact Mitigation Facility, designed to help member countries manage the financial, economic and health effects of pandemics or epidemics such as COVID-19.

In addition, Afreximbank has granted a separate US$300 million to the National Bank of Egypt to support its activities in expanding intra-African trade, which includes ensuring vital trade in food and medical supplies.

According to Afreximbank, the grant will support the National Bank of Egypt Egypt-Africa Trade business, which aims to increase its financial backing for trade in the region from US$85 million in 2020 to US$125 million in 2022.

A further US$250 000 has been granted to the Egyptian government for its COVID-19 response.

21 July 2020
Image: Gallo/Getty Images