China Development Bank (CDB), one of the country's policy banks, recently disbursed 300 million U.S. dollars of loans in full amount to support 49 key projects in Egypt, promoting the development of local small- and medium-sized enterprises (SMEs) and infrastructure construction, reported China Securities Journal on Wednesday.
The loan, which is lended to the National Bank of Egypt, includes 200 million U.S. dollars to support SMEs projects in food processing, health care, education, services and other sectors.
In recent years, CDB has attached great importance to cooperation with Egypt in areas including financial cooperation, infrastructure construction, manufacturing and development of SMEs.
Founded in 1898, the National Bank of Egypt, with total assets of more than 194.5 billion U.S. dollars, is a state-owned commercial bank in Egypt with the largest assets and the fourth largest bank in Africa, playing a key role in Egypt's economic and social development.
It is learnt that the National Bank of Egypt is also one of the founding members of the China-Arab States Bank Consortium initiated by CDB in July 2018.
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