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Overview

CDB provides $500 million loan Banque Misr for liquidity purposes and to support Chinese involvement in domestic construction projects

Commitments (Constant USD, 2023)$532,063,190
Commitment Year•2017Country 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
May 15, 2017
Last repayment
May 13, 2025

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

  • Banque Misr

Implementing agencies

Government Agencies

  • Egyptian Ministry of Investment and International Cooperation

State-owned Banks

  • Banque Misr

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

CDB provides $500 million loan Banque Misr for liquidity purposes and to support Chinese involvement in domestic construction projects

Interest type•UnknownMaturity•8 years

Narrative

Full Description

Project narrative

On May 15, 2017, China Development Bank (CDB) signed an agreement with the Egyptian Ministry of Investment and International Cooperation to extend a $500,000,000 loan to Banque Misr — a bank that is wholly owned by the Government of Egypt — in order to strengthen its foreign-currency liquidity position and to finance domestic projects under construction by Chinese companies (including infrastructure projects in electricity transmission, energy generation, and communications). This loan has a maturity of 8 years. Its interest rate and grace period are unknown. However, it is known that the loan is insured by China Export and Credit Insurance Corporation (Sinosure). As of August 30, 2020, AidData was not able to identify any evidence that this loan had disbursed via financial statements, annual reports, or audits.

Staff comments

1. Banque Misr, CDB, Sinosure, and ICBC all published and republished articles on the $500,000,000 loan; however, information about the loan is not recorded in financial statements, annual reports, or audits from any of these financial institutions. Thus, the status is recorded as Pipeline: Commitment for the time being. 2. This loan should not be confused with the $500 million loan framework agreement that Industrial and Commercial Bank of China (ICBC) signed with Banque Misr in 2016 for similar purposes (as captured via Record ID#66598).