Banque Misr secures $100 million for Huawei-led project

Big 5

Egypt’s second largest state-run lender, Banque Misr has signed a $100 million financing deal with China’s Industrial and Commercial Bank (ICBC) designated for a Chinese Huawei-led project in Egypt.

The money is part of a financing agreement Banque Misr signed earlier in December with ICBC and China Export and Credit Insurance Corporation (SINOSURE) to fund projects based in Egypt and led by Chinese firms, with a maximum of $500 million.

Banque Misr has officially opened its representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.

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