China Development Bank disburses $957mln to Egypt’s central bank

The China Development Bank (CDB) disbursed a seven billion-yuan ($956.61 million) loan agreement with the Central Bank of Egypt (CBE), according to a statement released by the Beijing-based bank on Tuesday.

In mid-October, the Egyptian government announced the signing of a memorandum of understanding (MoU) with China in debt swap field to implement development projects.

The MoU aims to strengthen cooperation between the two countries through the development projects, which is one of the innovative financing instruments that works to support the Egyptian government’s efforts.