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FINANCIAL NEWS
Egypt inks USD500mn worth loan with Chinese lender
19 Dec 2016
(MENAFN) Egypt’s second largest state owned lender, Banque Misr has signed a deal with the Industrial and Commercial Bank of China for USD500mn loan to boost dollar liquidity.
Additionally, the bank also inked a framework deal worth USD500mn with the China Export and Credit Insurance Corporation.
Both sides concluded USD2.62bn three-year joint currency swap earlier this month, a move that importers and economists said would ease trade and enhance foreign currency.
However, Egypt has struggled to revive its economy since the uprising in 2011 drove away tourists and foreign investors.
M
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