ICBC provides $100 million loan to Banque Misr for Huawei-led project in Egypt’s New Administrative Capital (Linked to Record ID#66598)

Project narrative

On December 18, 2016, the Industrial and Commercial Bank of China (ICBC) and Banque Misr — a bank that is wholly owned by the Government of Egypt — signed a $500 million loan framework agreement (captured in Record ID#66598). The purpose of this agreement was to increase Banque Misr's foreign capital liquidity and to finance Chinese-led development projects in Egypt. The borrowing terms of subsidiary loans under this framework agreement are unknown. However, it is known that these borrowings were insured by the China Export and Credit Insurance Corporation (Sinosure). Then, on April 20, 2017, during an inauguration ceremony for Banque Misr's representative office in Guangzhou, the Industrial and Commercial Bank of China (ICBC) and the Banque Misr signed a $100 million subsidiary loan agreement. The proceeds of the loan were to be used by the borrower to finance one or more information and communications technologies (ICT) projects in the New Administrative Capital in Egypt.