CDB provides $200 million loan to NBE for investment projects and SMEs (Linked to Project ID#30705 and ID#58774)
Commitment amount
$ 203700938.5
Constant 2017 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Egypt
Sector
Business and other services (Code: 250)
Flow type
Loan
Concessional
No
Category
Project lifecycle
Description
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
Details
Cofinanced
No
Receiving agencies [Type]
National Bank of Egypt [State-owned Bank]
Loan type
Non-Concessional
Maturity
8 years
Interest rate
4.468%
Grace period
3 years
Grant element
21.75852468%
Gurarantee provided
No
Insurance provided
No