National Bank of Egypt inks $600 mln loan with China Development Bank

State-run National Bank of Egypt (NBE), one of the country’s biggest lenders, announced on Wednesday it had signed a $600 million loan agreement with the China Development Bank.

It said in a statement the loan deal was signed in Beijing on Tuesday “to finance the working capital of NBE customers”, without elaborating.

NBE received a $700 million loan from the China Development Bank to finance infrastructure projects in 2016.

Egypt is trying to spur economic growth after a 2011 uprising ushered in political instability that scared off tourists and foreign investors.

Source: Reuters