Egypt's Banque Misr secures $100mln for Huawei-led project

Reuters Images/Mohamed Abd El Ghany

The money is part of a financing agreement Banque Misr signed earlier in December

Amwal Alghad

April 23, 2017

EGYPT FINANCIAL SERVICES

PHOTO

23 April 2017

Mohamed Hamdy
Egypt’s second largest state-run lender, Banque Misr has signed a $100 million financing deal with China’s Industrial and Commercial Bank (ICBC) designated for a Chinese Huawei-led project in Egypt.

The money is part of a financing agreement Banque Misr signed earlier in December with ICBC and China Export and Credit Insurance Corporation (SINOSURE) to fund projects based in Egypt and led by Chinese firms, with a maximum of $500 million.

Banque Misr has officially opened its representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.