NBE joins China Arab bank initiative

The National Bank of Egypt (NBE) has signed on to join a China-Arab states bank initiative announced by Chinese Xi Jinping earlier this month, NBE Vice Chairman Yahia Aboul Fotouh tells Ahram Gate. The initiative is part of the wider Chinese One Belt One Road global trade program, said Aboul Fotouh. Xi Jinping had pledged USD 20 bn in regional aid to Arab States at the China-Arab Cooperation Forum. Egypt’s share from the funding will be USD 1.2 bn, a senior government source told us earlier this week.