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CDB provides $700 million loan to NBE for infrastructure projects (Linked to Record ID#52881)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | National Bank of Egypt (S.A.E.) |
| Country | Egypt |
| Start Date | Jan 23, 2016 |
| End Date | Dec 26, 2027 |
| Duration | 4,355 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 52882 |
Grant Description
CDB provides $700 million loan to NBE for infrastructure projects On January 23, 2016, China Development Bank and the National Bank of Egypt (NBE) — a commercial bank that is wholly owned by the Government of Egypt — signed a $700 million term loan agreement to finance electricity, energy, telecommunications, agriculture, and other infrastructure projects in Egypt.
The agreement was signed by the Chairman of the National Bank of Egypt (NBE), Hisham Okasha, and the Chairman of China Development Bank (CDB), Hu Huaibang.
The signing ceremony in Cairo was attended by Egyptian President Abdel Fattah El-Sisi, Chinese President Xi Jingping, and the governor of Egypt’s Central Bank, Tarek Amer.
According to CDB, the CDB Qingdao Branch and the CDB Cairo Representative Office organized a $525 million disbursement shortly after the loan was signed.
Then, in March 2016, NBE’s deputy director, Mahmoud Montasser, confirmed that CDB had fully disbursed the $700 million loan.
Staff Comments
- AidData has recorded intent of this project as 'development' in light of the fact that the purpose of the loan is to fund development and infrastructure projects in Egypt.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- NBE
- CDB sign $700m agreement to fund infrastructure projects in Egypt
- China/Middle East and Africa economy: Chinese president treads softly in Mi
- 习近平访问埃及的三大突出成果
- 外媒：埃及国家银行称收到中国国开行7亿美元贷款；贷款偿还期限为8年，宽限期3年
- China to loan Egypt billions in financial agreements
- National Bank of Egypt gets a $700M loan from China
- NBE
- CDB sign $700m agreement to fund infrastructure projects in Egypt
- National Bank of Egypt receives $700 mln loan from China Development Bank
- Egypt's NBE receives $700 mln loan from China Development Bank
- China Development Bank's International Financial Cooperation Achieves More Fruits-Achieves US $ 1.425 Billion of Loans to Egyptian Financial Institutions
- ChinaLoansToAfrica©SAIS-CARI.csv
- 埃及央行获得国开行10亿美元贷款 补充流动性 增强外汇储备
- Multi-million dollar loan from China due to arrive in National Bank - Egypt Independent
- China's Overseas Development Finance
- 国开行实现对埃金融机构14.25亿美元贷款发放 - 中国开发性金融促进会
- CDB widens global lending Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
National Bank of Egypt (S.A.E.)
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