Overview

China Development Bank provides $600 million loan to National Bank of Egypt for on-lending purposes

Commitments (Constant USD, 2023)$603,777,776

Commitment Year•2018Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 4, 2018

Last repayment: Mar 3, 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

National Bank of Egypt (S.A.E.)

Implementing agencies

State-owned Banks

National Bank of Egypt (S.A.E.)

Loan desecription

China Development Bank provides $600 million loan to National Bank of Egypt for on-lending purposes

Interest type•Variable Interest RateMaturity•5.5 years

Narrative

Full Description

Project narrative

On September 4, 2018, China Development Bank (CDB) and the National Bank of Egypt (NBE) signed a $600 million loan agreement for on-lending purposes in the form of working capital loans to NBE customers. The loan's final maturity date was in February 2024. The loan's interest rate is floating rather than fixed.

Staff comments

1. The borrowing terms of the loan are drawn from https://www.nbe.com.eg/AssetsManager/7467002e-9e7b-4d8a-8f34-eb8de8fded6e.pdf 2. There is some evidence that suggests the $600 million CDB loan to NBE in 2018 and the $600 million CDB loan to NBE in 2021 are separate loans. However, there are also some indications that they are the same loan. This issue warrants further investigation.