CDB, Egypt’s NBE to sign $100mn loan deal at Sisi’s China visit

The National Bank of Egypt (NBE), the largest state-run bank in the country, and China Development Bank (CDB) are to sign Thursday a $100-million soft loan agreement in Beijing.

Designated to support the small and medium-sized enterprises (SMEs) in Egypt, the loan agreement will be signed in the presence of Egyptian President Abdel Fattah al-Sisi, presidential spokesman Alaa Youssef said Wednesday.

President Sisi arrived Tuesday in Beijing, the second stop in his Asia tour aimed at boosting cooperation and drawing foreign investments to Egypt. The president’s trip to China, from Tuesday through Thursday, came after an invitation by his Chinese counterpart Xi Jinping to take part in ceremonies marking the 70th anniversary of the end of World War II.

The China Development Bank (CDB) is a financial institution in the People’s Republic of China (PRC) led by a cabinet minister level Governor, under the direct jurisdiction of the State Council. As one of three policy banks of the PRC, it is primarily responsible for raising funding for large infrastructure projects, including most of the funding for the Three Gorges Dam and Shanghai Pudong International Airport. Established by the Policy Banks Law of 1994, the bank is described as the engine that powers the national government’s economic development policies.