Egypt’s apex bank ups stake in Afrexim Bank

The African Export and Import Bank (Afrexim Bank) increased its capital by $326.6 million after the National Bank of Egypt (NBE) paid the necessary 40% at $130.6 million.

Following an invitation to shareholders, Afrexim Bank increased its issued capital by $6.5 billion, of which it is presently paying 40% at a value of $2.6 billion.

The NBE’s chairman of the board of directors, Hisham Okasha, stated that the NBE’s continued status as the largest non-sovereign shareholder of the Category (B) African bank is due to its long-standing relationship and productive cooperation with Afrexim Bank since the latter’s establishment in 1993, more than 25 years ago.

The NBE is also eager to make use of all of its resources and network of connections in order to advance the economic development of Africa.

Okasha emphasised that this participation fits into the bank’s plan to support the Central Bank of Egypt’s (CBE) and the state’s efforts to foster collaboration among African nations, particularly in the banking sector, as well as intra-regional trade movement.