Egypt: Badea Grants Egypt Line of Credit Worth U.S.$50 Million

Sep 29, 2017 | Egypt State Information Service; All Africa

The Arab Bank for Economic Development in Africa (BADEA) has approved to grant Egypt a Line of credit (LOC), in order to lure Egyptian businessmen to pump investments into the African market.

The Arab Bank for Economic Development in Africa (BADEA) has approved to grant Egypt a Line of credit (LOC), worth 500 million dollars during a meeting held on Wednesday 27/9/2017 in Khartoum, Minister of Investment and International Cooperation Sahar Nasr said. In statements on Thursday 28/9/2017, Nasr said this move is meant to lure Egyptian businessmen to pump investments into the African market. The line of credit will contribute to supporting a number of promising sectors in Africa, notably medicine, fertilizers, foodstuffs and petroleum products, she noted. Source: All Africa