African Export-Import Bank (Afreximbank) announced on Monday that it signed a $200 million facility agreement with Egypt’s Hassan Allam Group to support Hassan Allam Construction and other subsidiaries and affiliate companies.
Under the facility, time loans, discounting and special guarantees package – bid bonds, advance payment guarantees, performance bonds and retention bonds – will be issued in favour of the contractor for the projects awarded to them across Africa and the Middle East, the Bank said in a statement.
The facility will help them execute their projects in several African countries, including Libya, Ghana, Uganda, Rwanda, Tanzania, Mozambique and Guinea Bissau and others, the statement added.
The agreement was signed by Mohy Eldin Abdin, Group CFO, Hassan Allam Group and Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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