Egyptian construction firm Arab Contractors (AC) is signing a USD 200 mn credit facility agreement with the African Export-Import Bank (Afreximbank), Reuters reports.

This is the first credit facility Afreximbank has ever provided for an Egyptian public firm.

The agreement testifies Arab Contractors’ ability to diversify its financing sources for its projects locally and globally by cooperating with major international financial institutions like Afreximbank, AC’s chairman Mohsen Salah says.

The new partnership with Afreximbank will help the Egyptian company achieve greater presence in the African continent, says Heba Abdel Latif, head of Debt Capital Markets at Commercial International Bank (CIB).