National Bank of Egypt (NBE) signed a credit facility agreement worth USD700 million with China Development Bank (CDB) to finance infrastructure projects in Egypt. NBE’s chairman, Hicham Okasha, said that the financing would be primarily dedicated to electricity, energy, telecommunications, transport and agriculture sectors, as well as projects to which China will contribute. In 2015, NBE had received USD100 million from CDB to finance SMEs in Egypt. Banque Misr also signed a USD100 million loan agreement with CDB. According to a press release issued by Banque Misr, the loan has a duration of five years, with a grace period of two years. The loan is intended to strengthen the bank’s USD resources, to contribute to the financing of strategic projects and bolster the country’s foreign exchange reserves. The CBD, which has a representative office in Egypt, has emphasised its interest in cooperating with Egyptian banks. (The Daily News Egypt)