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Overview

CDB provides RMB 260 million loan to Société Arabe Internationale de Banque (SAIB Bank) for infrastructure construction projects (Linked to Record ID#58640)

Commitments (Constant USD, 2023)$40,943,404
Commitment Year•2017Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 17, 2017
Start (planned)
Sep 17, 2017

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

Private Sector

  • Société Arabe Internationale de Banque (SAIB Bank)

Loan description

CDB provides RMB 260 million loan to Société Arabe Internationale de Banque (SAIB Bank) for infrastructure construction projects

Interest type•Unknown

Narrative

Full Description

Project narrative

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 Record ID#58640).

Staff comments

The loan documented in Record 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.