Egypt’s state bank giant, National Bank of Egypt (NBE) has signed Thursday a $700 million financial facility from the China Development Bank (CDB).
Egyptian President Abdel Fattah al-Sisi and his Chinese counterpart Xi Jinping, who is visiting the country for three days, have witnessed the signing between the two banks.
The facility will be used to finance infrastructure projects in Egypt, notably in electricity, energy, communications, transport, and agricultural sectors. It will also go for Egyptian projects which China is taking part in.
Upon the agreement, the loan shall be paid over eight years, with a grace period of three years.
China Development Bank Corporation (CDB) is a wholesale lender specializing in providing medium- to long-term financing facilities. Founded in 1994, CDB has been China’s leading financier for its development of infrastructures, basic and key industries.
With 37 branches across the country, one offshore branch in Hong Kong, and representative offices in Cairo and Moscow, CDB currently employs a staff of more than 7,000 worldwide.