Banque Misr to start negotiations with the CBD for CNY 3 bn loan

Banque Misr will begin negotiations soon with the China Development Bank (CBD) to establish a CNY 3 bn credit line,Vice Chairman Akef El Maghraby tells Al Mal. Negotiations will start once a specific set of needs for the loan are established, Maghraby adds. The bank had signed an MoU for the facility last month, most of which will be directed towards Chinese projects in Egypt across fields including infrastructure, energy, communications, and SMEs.