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Overview

ICBC Standard Bank loan provides $100 million loan to National Bank of Egypt for unspecified purposes

Commitments (Constant USD, 2023)$103,173,382
Commitment Year•2020Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020

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 Commercial Banks

  • ICBC Standard Bank PLC

Receiving agencies

State-owned Banks

  • National Bank of Egypt (S.A.E.)

Collateral providers

State-owned Banks

  • National Bank of Egypt (S.A.E.)

Loan description

ICBC Standard Bank loan provides $100 million loan to National Bank of Egypt for unspecified purposes

Interest type•Unknown

Collateral

EGP 2,522,000,000 in Egyptian Treasury Bills

Narrative

Full Description

Project narrative

In 2020, ICBC Standard Bank and the National Bank of Egypt (NBE) — a state-owned bank in Egypt — signed a $100 million loan agreement. The borrowing terms and purpose of the loan are unknown. However, it is known that the loan was collateralized against EGP 2,522,000,000 in Egyptian Treasury Bills. The loan’s principal amount outstanding was EGP 1,572,000,000 as of December 31, 2021 and EGP 1,826,000,000 as of March 31, 2022.

Staff comments

1. The first time that the $100 million ICBC Standard Bank loan appeared in the NBE’s annual financial statements was in 2021 when it release its financial statements for the year ending on December 31, 2020. As such, for the time being, AidData assumes that the loan was issued in 2020. This issue warrants further investigation. 2. More research is needed to determine if the FXSL/BOP marker should be set to True. 3. NBE’s annual financial statements can be accessed via https://www.nbe.com.eg/NBE/E/#/EN/FinancialIndicators.