Cairo – Mubasher: The African Development Bank (AfDB) on Wednesday approved a $22 million senior loan to Egypt’s Corporate Leasing Company (Corplease).

The loan will help Corplease expand its operations, and $7 million of the $22 million will to be mobilized from the Africa Growing Together Fund (AGTF), which is a co-financing fund that the AfDB established with the People’s Bank of China (PBOC).

The decision signalled confidence in a burgeoning local market and in the Egyptian economy as a whole, AfDB said in a statement.

“The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, ICT, clean energy, health, transport and manufacturing – all essential contributors to inclusive and sustainable growth,” said Malinne Blomberg, African Development Bank Country Manager in Egypt.