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FINANCIAL NEWS
Banque Misr, China Development Bank to ink USD500mn loan deal
25 Apr 2017
(MENAFN) Banque Misr will ink an USD500mn loan agreement with the Chinese Development Bank, which earlier signed USD100mn loan deal with the CDB to finance SMEs.
Two memorandums of understanding were also inked with the China Export and Credit Insurance Corp. to offer guarantees for USD500mn to Banque Misr.
Additionally, the Egyptian side also signed a deal with the Industrial and Commercial Bank of China to finance a project for China’s Huawei in Egypt at USD100mn cost.
The bank opened its representative office in Guangzhou in the framework of its expansion plan outside the Egyptian market in order to promote economy between both sides.
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MENAFN2504201700450000ID1095417121
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