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

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.

Additional details

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 Project ID#66598).

Number of official sources

8

Number of total sources

15