China Development Bank loans $76.5m to support African SMEs

China Development Bank has recently disbursed a dedicated loan of $76.5 million to bolster the growth of small and medium-sized enterprises across Africa, the bank said in a news release on Wednesday.

The loan, which is provided to the National Bank of Egypt, will provide financial support to 94 SMEs operating in 8 sectors, including manufacturing and transportation, the bank said.

CDB has cumulatively disbursed $3.36 billion in targeted financing through this initiative since 2009, which has benefited 33 African countries and helped create over 270,000 local jobs, the bank added.