Overview

CDB provides $300 million loan to Banque Misr for on-lending purposes

Commitments (Constant USD, 2023)$300,000,000

Commitment Year•2023Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2023

Start (actual): Feb 4, 2024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

State-owned Banks

Banque Misr

Implementing agencies

State-owned Banks

Banque Misr

Loan description

CDB provides $300 million loan to Banque Misr for on-lending purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2023, China Development Bank and Banque Misr — a state-owned Egyptian bank — signed a $300 million loan agreement. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the proceeds of the loan to support the development of more than 9,100 small- and medium-sized enterprises (SMEs) in Egypt working in 29 fields, including food processing, education and training, and auto parts manufacturing. The loan fully disbursed on February 4, 2024.

Staff comments

1. The precise loan commitment date is unknown. This issue warrants further investigation. 2. This loan is also recorded in Boston University's Chinese Loans to Africa Database.