NBE signs $600M loan contract with China Development Bank

CAIRO – 6 September 2018: The National Bank of Egypt (NBE) signed Tuesday a loan contract worth $600 million with China Development Bank in order to finance the working capital of the bank’s clients.

NBE announced in an official statement that the contract was signed at the China Development Bank HQ in Beijing.

The signing took place in the presence of Chairman of NBE Hesham Okasha, Chief Executive Officer of Treasury, Foreign Relations and International Financial Services Ghada al-Bali, Head of Foreign Relations and International Financial Services Group Hesham al-Safty and the general manager of NBE in Shanghai.

Okasha said that the loan reflects the confidence of international institutions in the Egyptian economy, which witnessed extensive economic reforms over the past years, lead to more stability and appreciation of the strength of the financial center of the National Bank of Egypt and its role in supporting and strengthening the economy in Egypt.

He stressed the strong ties and fruitful partnership between the National Bank of Egypt and the Development Bank of China, which dates back to 2012 as part of financing infrastructure projects in Egypt, as well as small and medium enterprises, which had a positive return for both institutions in particular and the two countries in general.

In August, the European Investment Bank (EIB) announced signing a financing agreement worth €375 million with NBE by the end of July to fund investments in small and medium-sized enterprises (SMEs) and mid-caps in Egypt.