CDB provides $40 million loan to Société Arabe Internationale de Banque (SAIB Bank) for on-lending to SMEs (Linked to Project ID#58647)

On September 17, 2017, at the Banque Misr headquarters in Cairo, China Development Bank (CDB) signed and Société Arabe Internationale de Banque (SAIB Bank) — a private bank that is jointly owned by Arab International Bank (46.08%), Arab Contractors Investment (17.292%), Misr Insurance Co (11.29%), Misr Life Insurance (9.75%), Hasan Hosni Ibrahim Abdel Meguid (0.01%) — signed a $40,000,000 loan agreement for on-lending to small and medium-sized enterprises (SMEs) in Egypt. The borrowing terms of this loan are unknown. The signing of the loan agreement was attended by China's Ambassador to Egypt, Song Aiguo, and SAIB Bank's Vice Chairman Hassan Abdel-Meguid, and CDB's Executive Vice President, Wang Yongsheng. According to SAIB Bank's end of year financial statement in 2017, the loan was disbursed to SAIB Bank from CDB. As of September 30, 2019, SAIB Bank reported that the full value of the $40,000,000 had disbursed. Also, on September 17, 2017, CDB agreed to loan a special renminbi-denominated loan worth RMB 260,000,000 to SAIB Bank for infrastructure development (as captured in Project ID#58647). Similarly, CDB and Banque Misr signed a memorandum of understanding (MoU) regarding a possible RMB-denominated loan. However, since September 17, 2017, there is no official reporting that suggests CDB ever issued an RMB-denominated loan to Banque Misr.

Additional details

While this the loan terms are not included on SAIB Bank's annual reports or financial statements, and are missing from CDB annual reports, the loan is classified underdevelopment loans on SAIB Bank's audits. The second loan agreement can be found in project ID #58647.

Number of official sources

6

Number of total sources

10