Banque Misr signs USD 1 bn financing agreements with Chinese institutions
Banque Misr gets Chinese lifeline, seeks GCC facility: Banque Misr has signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC) and the China Export and Credit Insurance Corporation (Sinoinsure) for financing agreements worth a total of USD 1 bn, Reuters reports. A USD 500 mn ICBC loan will be used to shore up Banque Misr’s FX liquidity — drained during the run-up to the float on 3 November — and fund Egyptian-Chinese projects. Banque Misr has also received permission to open a rep office in China. Chinese cash proved key earlier this year: A currency swap with Beijing allowed Cairo to close the USD 12 bn International Monetary Fund facility.
Meanwhile, Banque Misr is seeking a USD 150 mn Islamic finance facility from a syndicate of GCC lenders led by Abu Dhabi Islamic Bank (ADIB), Al Borsa reported. Banque Misr is looking to bring in USD 1.5 bn in funding to finance projects requiring foreign currencies, the newspaper adds.