Egypt, China sign deal for $100m loan

A deal for granting Banque Misr a loan worth 100 million dollars from the China Development Bank was signed on Wednesday.

The five-year loan accord provides a two-year grace period, as the payment will start as of the third year.

The loan will contribute in boosting the dollar resources of the Egyptian bank and financing strategic projects in the coming period.

The deal came amid the keenness of the Chinese bank to boost cooperation with Egypt in all the fields.

The China Development Bank provides the opportunity to developing countries, including Egypt, to diversify their resources of financing and expertise to be benefited from in the small and medium size projects.