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ICBC pledges $500 million loan to Banque Misr for liquidity purposes and Chinese development projects (Linked to Record ID#59651)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Banque Misr |
| Country | Egypt |
| Start Date | Dec 18, 2016 |
| End Date | Aug 04, 2032 |
| Duration | 5,708 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66598 |
Grant Description
ICBC pledges $500 million loan to Banque Misr for liquidity purposes and Chinese development projects 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 guaranteed by the China Export and Credit Insurance Corporation (Sinosure).
On April 20, 2017, Banque Misr borrowed approximately $100,000,000 of the available $500,000,000 to finance projects led by Huawei Technologies Co.
Ltd (Huawei), such as Cairo OpenLab and the incorporation of information and communications technology (ICT) into the New Administrative Capital of Egypt (as captured in Record ID#59282 and Record ID#59651).
Staff Comments
1. On May 15, 2017, China Development Bank (CDB) provided a separate $500 million loan to increase Banque Misr's foreign capital liquidity, and finance Chinese led development projects in Egypt. This CDB loan is documented in Project ID#58667.
Sources & References
- بنك مصر يوقع على اتفاق عمل إطارى بقيمة 500 مليون دولار مع مؤسسة SINOSURE ومذكرة تفاهم بمبلغ 500 مليون دولار مع بنك ICBC بالصين
- Chinese banks pump money into Egypt
- CORRECTED-Egypt's Banque Misr signs MOU with Chinese lender over $500 mln loan, بنك مصر يفتتح مكتب تمثيل بالصين
- 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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