National Bank of Egypt receives China Development Bank’s $700mn loan

Egypt’s biggest state-run National Bank of Egypt (NBE) has received a $700 million loan from the China Development Bank to finance infrastructure projects, NBE told Egypt’s state news agency Thursday.

“The amount has entered the bank’s treasury in full and will be paid back over 8 years. It will have a grace period of 3 years,” Vice Chairman Mahmoud Montaser was quoted as saying.

Earlier in January, China signed investment and aid deals worth billions of dollars with Egypt during a visit by President Xi Jinping.

Egypt has struggled to spur economic growth since a 2011 uprising ushered in political instability that scared off tourists and foreign investors.

Source: Reuters