ANNOUNCEMENT 20 Jan 2016
On 20 January 2016, Banque Misr signed a loan agreement with the China Development Bank. The monetary value of both frameworks is USD 100.000.000.
NUMBER OF INTERVENTIONS
Daily News Egypt (2016) Banque Misr obtains $100m loan from China Development Bank. in English. http://www.dailynewsegypt.com/2016/03/09/banque-misr-obtains-100m-loan-china-development-bank/
Banque Misr (2016) Banque Misr signs $100 million loan with China Development Bank. English. http://www.banquemisr.com/en/about-us/press/china-development-bank
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.