Egypt signs $500 mln facility agreement with Afreximbank to ease FX shortage

The African Export-Import Bank (Afreximbank) has agreed a $500 million facility with the Central Bank of Egypt (CBE) to help Egyptian importers through a foreign currency crisis. Egypt, which needs to import much of its food and energy, has struggled to revive its economy since the 2011 uprising drove away its main sources of hard currency, foreign investors and tourists. The Afreximbank deal, signed on Friday, will provide a trade liquidity facility to Egyptian importers, focusing on imports co