The Arab Bank for Economic Development in Africa (BADEA) agreed on September 27 to grant Egypt a line of credit (LOC) during its BoD meeting in Khartoum, Invest-Gate reports.

The concessional LOC is worth USD 50 mn and aims to support Egyptian investors, who wish to enter the African market, Minister of Investment and International Cooperation Sahar Nasr said in a statement.

“The funding will contribute to supporting a number of promising sectors and industries in Africa, notably medications, fertilizers, foodstuffs, electrical appliances, and petroleum products,” she noted.

The LOC will be given to Banque Misr to fund exports of goods and services of at least 30% Arab origin.