China Development Bank signs loan agreements with SAIBANK, Banque Misr

The China Development Bank (CDB) signed an agreement with SAIBANK to provide it with a USD 40 mn loan for SME funding, and a separate CNY 260 mn (USD 40 mn) loan for infrastructure projects, Xinhua reports. CDB also signed an MoU with Banque Misr to provide it with a CNY-denominated loan, with the value of the loan yet to be determined. Banque Misr Vice Chairman Akef El Maghraby told the wire that receiving the loan in the Chinese currency will encourage Chinese investment in Egypt by facilitating loans for investors who want to enter the Egyptian market using their local currency.