ZCZC
BCN-31
EGYPT-CHINA-BANK-LOAN
Egypt’s national bank to get 600-mln-USD loan from China
CAIRO, Sept. 6, 2018 (BSS/Xinhua) – The National Bank of Egypt (NBE)
signed a loan agreement of 600 million U.S. dollars with China Development
Bank (CDB) in the Chinese capital Beijing, the NBE announced in a statement
on Wednesday.
NBE Chairman Hisham Okasha said that the loan aimed at “financing the
working capital of NBE’s clients.”
He added that the loan’s approval reflected confidence of the
international institutions in the Egyptian economy under the ongoing reform
program as well as in the financial position of the NBE.
Okasha underscored strong cooperation between NBE and CDB over the past
six years that led to financing infrastructure projects as well as small and
medium enterprises in Egypt.
CDB is the largest Chinese bank for foreign investment and financing
cooperation. It has previously provided loans to Egyptian major financial
institutions including SAIBANK and Banque Misr.
Egypt has been going through a strict three-year economic reform program
since late 2016.
BSS/XINHUA/HR/1220