Misr Bank to initiate talks with China Development Bank over $500M loan
(Ecofin Agency) - Egypt’s second biggest state-owned bank, Misr, plans to initiate talks to the China Development Bank (CDB) to secure a new credit line of up to $500 million.
According to the lender’s deputy managing director, Akef Al-Maghrabi, this falls in line with the institution’s plan to diversify its sources of funding. Funds mobilized will help finance Egyptian projects involving Chinese firms.
Sectors targeted are include infrastructures, electricity, energy, telecommunication, and small and medium enterprises financing. Let’s recall that China, Africa’s leading foreign direct investor, injects significant sums in projects implemented in Egypt.