Chinese Development Bank (CDB) and Industrial and Commercial Bank of China (ICBC) have signed a series of deals with Egyptian state-owned lender Banque Misr, reports Global Trade Review.
CDB will provide an eight-year US$500 million loan to finance “strategic projects.” The deal follows CDB’s five-year US$100 million financing deal with the Egyptian bank agreed to last year.
Bankque Misr also signed a US$100 million agreement with ICBC to finance a Huawei-led smart city project in Egypt. The loan is part of an agreement with China’s export credit agency China Exim and insurer Sinosure to guarantee US$500 million in projects.
ICBC announced last February plans to invest US$20 billion in Egypt over the next ten years. The bank, which is the world’s largest by assets, is seen as a vehicle for advancing Beijing’s strategic goals, such as the One Belt, One Road initiative.