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Wednesday, 08 April 2020

National Bank of Egypt signs $600 million loan agreement with China Development Bank

Reuters , Thursday 6 Sep 2018
National Bank of Egypt
State-owned National Bank of Egypt (Photo: Al-Ahram)
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The National Bank of Egypt (NBE) said in a statement on Wednesday that it had signed a $600 million loan agreement with China Development Bank to finance working capital for its customers.

 The agreement was signed on Tuesday at the headquarters of the Chinese bank in Beijing at the presence of Hesham Okasha, chairman of the National Bank of Egypt, the bank said in a statement.

"The loan comes as a continuation of confidence of international institutions in the Egyptian economy, which witnessed extensive economic reforms over the past years that led to greater stability" said Okasha.

The statement added that Okasha "stressed about the strong ties and fruitful partnership between National Bank of Egypt and Development Bank of China, which dates back to 2012 in the framework of financing infrastructure projects in Egypt as well as small and medium enterprises that led to positive returns for both institutions in particular and the two countries in general"

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