The Banking Executive Magazine - February 2022

Banque Misr Banque Misr BECOMES LARGEST NON-SOVEREIGN SHAREHOLDER IN AFREXIMBANK Banque Misr announced an invest- ment of $201.1 million in African Ex- port-Import Bank (Afreximbank), including paid-in investments valued at $80.5 million,. Accordingly, the bank has become Afreximbank’s largest non-sovereign shareholder, which represents a pos- itive strategic response to the ongo- ing General Capital Increase by the bank. As a result, Banque Misr’s stake in Afreximbank rose to 5.8% from 3.1%. The bank’s paid-in subscription of $80.5 million ensures its commit- ment to support Afreximbank to ex- pand its capacity to deliver on its core mandate and diversify its range of services as well as reflects the powerful partnership between Afrex- imbank and Banque Misr. This partnership has contributed to facilitating the process of financing small- and medium-sized enterprises (SMEs) in Egypt and improving trade with the African countries over the past years. In July 2021, Afreximbank embarked on a $6.5 billion General Capital In- crease, including a paid-in amount of $2.6 billion, to reinforce capacity in dealing with transitory pandemic challenges confronting Africa, while promoting medium-to-long term sus- tainable trade and economic. The investment will particularly en- able the Afreximbank to carry on supporting the procurement of COVID-19 vaccines for the conti- nent, boost post-pandemic recovery efforts for the economies of African nations, and accelerating the imple- mentation of the African Continental Free Trade Agreement (AfCFTA). the BANKING EXECUTIVE 38 ISSUE 158 FEBRUARY 2022