Egypt’s Banque Misr signs MOU with Chi­nese lender

Kuwait Times - - BUSINESS -

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.

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