CDB provides $200 million loan to NBE for investment projects and SMEs (Linked to Project ID#30705 and ID#58774)

On August 28, 2012, during Egyptian President Mohammed Morsi's state visit to China, China Development Bank (CDB) and the National Bank of Egypt (NBE) — a commercial bank that is wholly owned by the Government of Egypt — signed a $200 million loan agreement to finance investment projects in Egypt as well as small and medium sized enterprises (SMEs) in Egypt. The loan was provided on the following terms: an 8-year maturity, a 3-year grace period, and an annual interest rate of 6-month LIBOR (0.718% in August 2012) plus a 3.75% margin. No information on loan disbursements could be identified.

Additional details

Hong Kong Government News and and one of two reporters from Voice of America identify the USD $200,000,000 as a credit line rather than a soft loan. Given the loan's maturity, interest rate, and grace period, the coder maintains that the agreement does in fact refer to a loan as opposed to a credit line. The Loan's interest rate was calculated by finding the average USD LIBOR Overnight Rate for August 2012, .167%, and adding it to 3.75% as stipulated by the loan agreement, for a total interest rate of 3.971%.

Number of official sources

4

Number of unofficial sources

13