Banque Misr Vice Chairman Akef Al-Maghraby signed a memorandum of understanding (MoU) with Wang Yongsheng, vice chairman of the Chinese Development Bank (CDB) to obtain to finance Chinese projects in the Egyptian market.
The agreement comes in the framework of fruitful cooperation between Egyptian and Chinese banks, particularly the CDB.
It also comes as a part of Banque Misr’s plan to diversify its financing sources to be used in the Egyptian-Chinese projects, including infrastructure projects, electricity, energy and telecommunications, as well as small and medium-sized enterprises (SMEs)
According to a report released by Banque Misr, the bank previously signed a memorandum of understanding with China’s Sinosure, an export and credit insurance corporation. The deal secured $500m insurance on the financing of projects involving Chinese companies in Egypt.
In addition, Banque Misr signed another memorandum of understanding with the Industrial and Commercial Bank of China (ICBC) with the aim of obtaining direct facilities based on Sinosure’s insurance, a maximum of $500m. The Chinese contributions vary according to the nature of projects, including energy, equipment, construction, infrastructure and others.
Banque Misr has earlier opened an office in Guangzhou, one of the most important cities in China and the capital of Guandong Province in southern China. This city has the vast majority of business enterprises, which makes it the financial centre of south China.