Egypt signed a wave of funding agreements totaling almost USD 1.9 bn over the weekend.

First up, the World Bank and Egypt signed for disbursement of the USD 1.15 bn third and final tranche of a USD 3.15 bn facility to support economic reforms, the bank said in a statement on Friday. USD 150 mn in the tranche came from the UK government.

Next, the African Export Import Bank (Afreximbank) signed a USD 500 mn loan agreement with the Export Development Bank of Egypt, the bank said in a statement on Friday. The agreement, signed during the sidelines of the Business for Africa, Egypt and the World Summit in Sharm El Sheikh, will be used to fund Egyptian trade with Africa. The loan will also provide assistance to Egyptian export promotion councils and business associations. Afreximbank also signed an MoU with Morocco’s Attijariwafa Bank to cooperate on funding trade between Egypt and the continent, Youm7 reports. No price tag was noted on the agreement.

The European Investment Bank (EIB) agreed to loan EUR 250 mn to Banque Misr at the summit on Saturday, Al Borsa reports. The loan is but the first tranche of a EUR 500 mn facility, said Banque Misr Vice President Akef El Maghraby. Banque Misr also signed a USD 40 mn agreement with the Arab Bank for Economic Development in Africa to fund trade with the continent, added El Maghraby.

Speaking of the EIB, the bank is planning to form a subsidiary focused on non-EU projects, Reuters reports. The new offshoot will initially focus on countries fuelling the EU migration crisis and would provide loans of up to EUR 7-9 bn a year. The move was meant to streamline lending outside the EU.