China’s giant ICBC bank to invest $20 billion in Egypt over 10 years

The world’s biggest lender by assets, state-owned Industrial and Commercial Bank of China Limited (ICBC) will invest $20 billion in Egypt over the next ten years, general manager of the Africa branch Ivy Tsai said Wednesday.

The money is part of the ICBC’s ten-year plan to invest around $35 billion in Africa, Tsai announced during her meeting with Egyptian Minister of Investment and International Cooperation Sahar Nasr in Cairo.

The Chinese lender’s anticipated investments in Egypt will go for financing projects in the country’s new administrative capital city in addition to a coal-fired power station near Hamarawein Port, a phosphate complex, and Huawei-run smart city scheme, Tsai added.

An ICBC delegation, headed by Tsai, is currently visiting the North African country to discuss opportunities to boost bilateral cooperation with a number of ministers and government officials.