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Central Bank of Egypt Receives USD 956.6 Million Loan From China Development Bank

November 1, 2023
Photo credit: Daily News Egypt
Photo credit: Daily News Egypt

The Central Bank of Egypt (CBE) announced on Tuesday 31 October, that it secured CNY 7 billion (USD 956.61 million) from the state-run China Development Bank (CDB) under a loan agreement.

The loan aims to enhance economic, trade, and financial cooperation between China and Egypt, and support the Belt and Road Initiative and the Egypt Vision 2030. It is also meant to finance projects that were agreed upon at the China-Africa Cooperation Forum in 2021.

The agreement was signed at the third session of the Belt and Road Forum, which was held in Beijing earlier this month. The forum was attended by Egyptian Prime Minister Mostafa Madbouly.
CDB had issued more than USD 6.48 billion worth of loans at the end of the third quarter of 2023, including loans for Small and Medium-sized Enterprises (SMEs) through the National Bank of Egypt and Banque Misr.

In September 2023, CBE Governor Hassan Abdullah visited the new headquarters of CDB in Beijing and met with CDB President Tan Jeong. During their meeting, the two parties discussed expanding regional cooperation and financial integration between the two countries, holding a conference in Egypt to introduce Chinese companies and banks, and increasing Chinese investments in Egypt.

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