CDB issues $300m in credit to Egypt

China Development Bank, a major policy bank, has completed the issuance of $300 million in credit to the National Bank of Egypt to support 49 key projects regarding small and medium-sized enterprise development and infrastructure construction, the Chinese lender announced on Wednesday.

Of this sum, $200 million will be earmarked for SMEs in sectors including food processing, healthcare, education and services in the African country. NBE is the largest State-owned lender in Egypt by assets.

The cooperation aims to promote the social and economic development in Egypt, promote the building of the community with a shared future between China and Egypt as well as that between China and Africa, and facilitate the high-quality joint construction of the Belt and Road Initiative, the CDB said.

By the end of the first quarter, the Chinese lender had issued more than $6.4 billion in loans in Egypt. It has also agreed to invest more than $200 million in the country through its holding subsidiary, the China-Africa Development Fund.

The two banks will cooperate in fields including financial cooperation, infrastructure construction, manufacturing and SME development.