Advertisement
|05 September, 2018

Egypt's NBE signs $600mln loan deal with China Development Bank

Egypt is trying to spur economic growth after a 2011 uprising ushered in political instability

People and vehicles are seen in front of the National Bank of Egypt (NBE) in the Fifth Settlement districts of New Cairo.

People and vehicles are seen in front of the National Bank of Egypt (NBE) in the Fifth Settlement districts of New Cairo.

REUTERS/Amr Dalsh

CAIRO: State-run National Bank of Egypt (NBE) said on Wednesday it had signed a $600 million loan agreement with the China Development Bank.

It said in a statement the loan deal was signed in Beijing on Tuesday "to finance the working capital of NBE customers", without elaborating.

NBE received a $700 million loan from the China Development Bank to finance infrastructure projects in 2016.

Advertisement

Egypt is trying to spur economic growth after a 2011 uprising ushered in political instability that scared off tourists and foreign investors.

(Reporting by Ehab Farouk; Writing by John Davison; Editing by Mark Potter) ((John.Davison@thomsonreuters.com;))