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ICBC provides $100 million loan to Banque Misr for Huawei-led project in Egypt’s New Administrative Capital (Linked to Record ID#66598)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Banque Misr |
| Country | Egypt |
| Start Date | Apr 20, 2017 |
| End Date | Sep 23, 2026 |
| Duration | 3,443 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 59651 |
Grant Description
ICBC provides $100 million loan to Banque Misr for Huawei-led project in Egypt’s New Administrative Capital On December 18, 2016, the Industrial and Commercial Bank of China (ICBC) and Banque Misr — a bank that is wholly owned by the Government of Egypt — signed a $500 million loan framework agreement (captured in Record ID#66598).
The purpose of this agreement was to increase Banque Misr's foreign capital liquidity and to finance Chinese-led development projects in Egypt. The borrowing terms of subsidiary loans under this framework agreement are unknown.
However, it is known that these borrowings were insured by the China Export and Credit Insurance Corporation (Sinosure).
Then, on April 20, 2017, during an inauguration ceremony for Banque Misr's representative office in Guangzhou, the Industrial and Commercial Bank of China (ICBC) and the Banque Misr signed a $100 million subsidiary loan agreement.
The proceeds of the loan were to be used by the borrower to finance one or more information and communications technologies (ICT) projects in the New Administrative Capital in Egypt.
Staff Comments
1. This loan is not included in the database of Chinese loan commitments that SAIS-CARI published in July 2020.
Sources & References
- Chinese banks pump money into Egypt
- Banque Misr inaugurates representative office in China, بنك مصر يوقع على اتفاق عمل إطارى بقيمة 500 مليون دولار مع مؤسسة SINOSURE ومذكرة تفاهم بمبلغ 500 مليون دولار مع بنك ICBC بالصين, البنك الصناعى الصينى يقرض بنك مصر 100 مليون خلال افتتاح فرعه فى الصين
- Egypt's Banque Misr secures $100 m for Huawei-led project
- Chinese Loans to Africa Database
- Banque Misr to get US$500m loan from China Development Bank 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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