China Development Bank provides $600 million loan to National Bank of Egypt for on-lending purposes
Commitment amount
$ 653909848.727206
Adjusted commitment amount
$ 653909848.73
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Egypt
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
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 is in February 2024. The loan's interest rate is floating rather than fixed.
Additional details
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.
Number of official sources
3
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
National Bank of Egypt [State-owned Bank]
Implementing agencies [Type]
National Bank of Egypt [State-owned Bank]
Loan Details
Maturity
6 years