AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Financial assistance in foreign market
On 18 December 2016, Banque Misr signed a memorandum of understanding with the Industrial and Commercial Bank of China. The value of the MoU was is estimated at USD 500 million. Furthermore, on the same day, it was announced that Banque Misr also signed a USD 500 million agreement with the China Export & Credit Insurance Corporation - Sinosure.
Banque Misr in its official announcement stated that these MoUs are aimed towards providing the Bank with loans (from the denoted Chinese institutions), which will improve its liquidity in order to meet the client demand for funding joint Chinese-Egyptian projects.
China Export & Credit Insurance Corporation - Sinosure, is a Chinese state-owned enterprise serving as the provider of export credit insurance (with specific emphasis on the export of high-value-added goods in China).
Industrial and Commercial Bank of China Ltd. is a Chinese multinational banking company which is owned by: a) Chinese government (46.3%) and b) China Investment Corporation (46.8%) - a sovereign wealth fund responsible for managing a portion of the People's Republic of China's foreign exchange reserves.
Banque Misr is one of Egypt's leading banks and is owned by the Egyptian government.
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