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CDB provides $500 million loan Banque Misr for liquidity purposes and to support Chinese involvement in domestic construction projects
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banque Misr |
| Country | Egypt |
| Start Date | May 15, 2017 |
| End Date | Jun 01, 2027 |
| Duration | 3,669 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 58667 |
Grant Description
CDB provides $500 million loan Banque Misr for liquidity purposes and to support Chinese involvement in domestic construction projects On May 15, 2017, China Development Bank (CDB) signed an agreement with the Egyptian Ministry of Investment and International Cooperation to extend a $500,000,000 loan to Banque Misr — a bank that is wholly owned by the Government of Egypt — in order to strengthen its foreign-currency liquidity position and to finance domestic projects under construction by Chinese companies (including infrastructure projects in electricity transmission, energy generation, and communications).
This loan has a maturity of 8-years. Its interest rate and grace period are unknown. However, it is known that the loan is insured by China Export and Credit Insurance Corporation (Sinosure).
As of August 30, 2020, AidData was not able to identify any evidence that this loan had disbursed via financial statements, annual reports, or audits.
Staff Comments
- Banque Misr, CDB, Sinosure, and ICBC all published and republished articles on the $500,000,000 loan; however, information about the loan is not recorded in financial statements, annual reports, or audits from any of these financial institutions. Thus, the status is recorded as Pipeline: Commitment for the time being.
- This loan should not be confused with the $500 million loan framework agreement that Industrial and Commercial Bank of China (ICBC) signed with Banque Misr in 2016 for similar purposes (as captured via Project ID#66598).
Sources & References
- Banque Misr access to dollar funding credit positive: Moody’s
- 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, بنك مصر: 500 مليون دولار قرض من أحد البنوك الصينية لتمويل المشروعات بمصر
- Banque Misr signs MoU with China Development Bank aiming to diversify funding sources for Chinese-Egyptian enterprises
- Banque Misr signs framework agreement for $500 million with Sinosure
- Banque Misr to sign $500m loan agreement with China Development Bank
- Egypt focuses on China for banking expansion in light of Belt and Road Initiative
- Egyptian
- Chinese Banks Sign Loan Deals To Enhance Financial Cooperation
- Full text: List of deliverables of Belt and Road forum
- Egypt borrows $500m from China
- Banque Misr to get US$500m loan from China Development Bank
- Chinese Loans to Africa Database
- China's Overseas Development Finance, بنك مصر يفتتح مكتب تمثيل بالصين 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
Banque Misr
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