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Tuesday, 16 May 2017

Banque Misr, China Development Bank sign USD 500 mn financing agreement in Beijing

Banque Misr and China Development bank signed a USD 500 mn financing agreement in Beijing, on the sidelines of the Belt and Road Forum, according to an Investment and International Ministry press release. China Export and Credit Insurance Corporation also agreed to cover export credit guarantees for Chinese companies. In addition, the Suez Canal Economic Zone, the China-Africa Development Fund, and Chengdu Port signed a framework agreement for investments at Ain Sokhna Port. Also signed in China was an agreement between the Egyptian Electricity Transmission Company, the Export–Import Bank of China, the Bank of China, and the China Development Bank to transmit 500 KW to the national grid, to be implemented by the State Grid Corporation of China.

In related news, Investment Minister Sahar Nasr signed an MoU with the Chairman of China’s Sinosure on Monday, which promises to facilitate procedures for Chinese investments in Egypt, Al Mal says.

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