CDB grants $ 3bn funding to Egypt

The Chinese Development Bank has earmarked $ 3 billion financing for several projects in the Egyptian market in the coming period, of which $ 2 billion will be allocated to the new administrative capital.

 The lender’s representative in Cairo Bian Xuan said that the results of the negotiations with companies on the commercial requirements, will be uncovered once an agreement is reached.

The bank usually finances projects implemented by Chinese companies in various markets around the world.

Speaking on the sidelines of a conference organized by the British Business Association (BEBA) last Tuesday, under the title "The Strategic Partnership between the UK and China on the African Continent after Brixet", Shewan said that his bank  will focus on infrastructure projects, noting that Chinese businessmen see great opportunities to invest in the administrative capital project.

He added that the agricultural sector " Agro Business” as well as small and medium enterprises will receive attention during the coming period, pointing out that the value of the portfolio of current projects financed by the bank in Egypt is 2.3 billion dollars, besides another 2.6 billion financing for projects which were implemented during the past years.

On the other hand, Xuan stated that negotiations with the Central Bank of Egypt to borrow $ 1 billion are still valid, citing the reason that the latter is studying the terms of the agreement.

Almalnews Contribution Time: 15-Feb-2018 13:28 (GMT)
Almalnews Last Update Time: 15-Feb-2018 13:28 (GMT)

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