IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 20 Jan 2016 | Removal date: open ended
Still in force

State loan

On 20 January 2016, Banque Misr signed a loan agreement with the China Development Bank. The monetary value of the loan is USD 100 million. The signed loan has a time duration of five years as well as a grace period of two years. 

According to the Egyptian's Bank official statement: ''the loan will contribute to boosting Banque Misr's dollar resources as well as financing strategic projects in Egypt ''.

Banque Misr is one of Egypt's leading banks and is owned by the Egyptian government. As other reports in the GTA database reveal, Banque Misr is a vehicle by which state loans are often advanced to selected or favoured Egyptian firms. 

The China Development Bank is a Chinese state-owned financial institution in the People's Republic of China (PRC) established for the purpose of representing an engine that powers the national government’s economic development policies.

 

 

AFFECTED COUNTRIES

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AFFECTED SECTORS AND PRODUCTS

711 Financial, insurance & pension services, excl. investment banking
717 Services of holding financial assets

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