Completed Development AidData Chinese Aid

CDB provides $40 million loan to Société Arabe Internationale de Banque (SAIB Bank) for on-lending to SMEs (Linked to Record ID#58647)

¥40M RMB

Funder	China Development Bank (CDB)
Recipient Organization	Société Arabe Internationale de Banque (SAIB Bank)
Country	Egypt
Start Date	Sep 17, 2017
End Date	Oct 09, 2030
Duration	4,770 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58640`

Grant Description

CDB provides $40 million loan to Société Arabe Internationale de Banque (SAIB Bank) for on-lending to SMEs On September 17, 2017, at the Banque Misr headquarters in Cairo, China Development Bank (CDB) signed and Société Arabe Internationale de Banque (SAIB Bank) — a private bank that is jointly owned by Arab International Bank (46.08%), Arab Contractors Investment (17.292%), Misr Insurance Co (11.29%), Misr Life Insurance (9.75%), Hasan Hosni Ibrahim Abdel Meguid (0.01%) — signed a $40,000,000 loan agreement for on-lending to small and medium-sized enterprises (SMEs) in Egypt.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

The signing of the loan agreement was attended by China's Ambassador to Egypt, Song Aiguo, and SAIB Bank's Vice Chairman Hassan Abdel-Meguid, and CDB's Executive Vice President, Wang Yongsheng. According to SAIB Bank's end of year financial statement in 2017, the loan was disbursed to SAIB Bank from CDB.

As of September 30, 2019, SAIB Bank reported that the full value of the $40,000,000 had disbursed.

Also, on September 17, 2017, CDB agreed to loan a special renminbi-denominated loan worth RMB 260,000,000 to SAIB Bank for infrastructure development (as captured in Record ID#58647). Similarly, CDB and Banque Misr signed a memorandum of understanding (MoU) regarding a possible RMB-denominated loan.

However, since September 17, 2017, there is no official reporting that suggests CDB ever issued an RMB-denominated loan to Banque Misr.

📋 Staff Comments

While this the loan terms are not included on SAIB Bank's annual reports or financial statements, and are missing from CDB annual reports, the loan is classified underdevelopment loans on SAIB Bank's audits. The second loan agreement can be found in project ID #58647.

📚 Sources & References

Egyptian
Chinese banks sign loan deals to enhance financial cooperation
国开行“一带一路”人民币专项贷款首次落地埃及, القوائم المالية عن الفترة المالية المنتهية فى 30 سبتمبر 2019 وكذا تقرير الفحص المحدود عليها
FINANCIAL STATEMENTS TOGETHER WITH AUDITORS' REPORT FOR THE YEAR ENDED DECEMBER 31, 2017
国开行“一带一路”人民币专项贷款首次落地埃及
Chinese
Egyptian Banks loan deals
Egyptian
Chinese banks sign loan deals to enhance financial cooperation
SOCIETE ARABE INTERNATIONALE DE BANQUE (SAIB) (S.A.E.) FINANCIAL STATEMENTS TOGETHER WITH AUDITORS' REPORT FOR THE YEAR ENDED DECEMBER 31, 2017
Stock Profile of Societe Arabe Internationale de Banque (SAIB) - Mubasher
国开行“一带一路”人民币专项贷款首次落地埃及 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.