(MENAFN- Daily News Egypt) The African Export-Import Bank (Afreximbank) has provided a credit facility of $500m to two Egyptian contractors, Elsewedy Electric Group and Arab Contractors, as part of the 3rd edition of the Intra-African Trade Fair (IATF2023).

The bank has increased its existing Global Facility limits for Elsewedy Electric Group to $300m, which will enable the group to issue contracting guarantees and meet other working capital requirements for its projects across Africa.

Elsewedy Electric Group and Afreximbank have a strong partnership that dates back several years. They have collaborated on various projects in Africa that have contributed to creating energy solutions and trade-enabling infrastructure.

The bank has also signed a $200m global facility for Arab Contractors, the leading construction company, which will support the company in issuing contracting guarantees for its current and future projects on the continent.

Arab Contractors is one of Afreximbank's Intra-African Trade Champions (INTRA-CHAMPS) and has benefited from the bank's support in securing a contract for the construction of the Rufiji Dam and Hydropower Plant in Tanzania, worth $2, in partnership with Elsewedy Electric Group.

Moreover, Afreximbank has issued guarantees to support Arab Contractors' projects in Cote d'Ivoire, Tanzania, Ethiopia, Mauritania and Morocco. This global facility demonstrates Afreximbank's continued support to Arab Contractors to further expand their presence in Africa.

MENAFN14112023000153011029ID1107424948