Egypt’s SAIB bank pays $40 mln debt to China Development Bank

Egypt’s Societe Arab Internationale de Banque paid back $40 million of debt to the China Development Bank (CDB) in the second quarter of this year, two sources with knowledge told Amwal Al Ghad on Tuesday.

The payment would have shrunk SAIB’s total debt, which dropped to around $159.3 million in the first half ending in June.

In 2017, SAIB reached a $40 million credit facility deal with the CDB, upon which the money went to finance small and medium-sized enterprises in Egypt.