CDB provides RMB 260 million loan to Société Arabe Internationale de Banque (SAIB Bank) for infrastructure construction projects (Linked to Project ID#58640)
Commitment amount
$ 44337446.66658657
Adjusted commitment amount
$ 44337446.67
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Egypt
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
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 an RMB 260 million loan agreement for an unspecified set of infrastructure development activities 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. However, according to SAIB Bank's end of year financial statement in 2017, the CDB loan had not yet disbursed. Also, as of September 30, 2019, the CDB loan had still not disbursed. Also, on September 17, 2017, CDB issued a $40 million loan to SAIB Bank for on-lending to SMEs (as captured in Project ID#58640).
Additional details
The loan documented in Project ID#58647 is not included in SAIB Bank's annual reports or financial statements from December 31, 2017 to September 30, 2019, nor is it mentioned in any CDB annual reports.
Number of official sources
5
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Société Arabe Internationale de Banque (SAIB Bank) [Private Sector]