Egypt’s Banque Misr signs MOU with Chinese lender
Egypt’s second-largest state-owned lender, Banque Misr, signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC) for a $500 million loan aimed at boosting dollar liquidity and financing joint Egyptian-Chinese projects, it said on Sunday. The bank also signed a framework agreement worth $500 million with the China Export and Credit Insurance Corporation (SINOSURE), a statefunded insurance company that promotes China’s foreign trade and economic cooperation. Banque Misr has received permission from the People’s Bank of China to open an office representing it in China, it said. Egypt and China concluded an 18 billion yuan ($2.62 billion) three-year bilateral currency swap earlier this month, a move that importers and economists said would facilitate trade and improve foreign currency liquidity in cash-strapped Egypt.