An agreement between the Chinese Development Bank (CDB) and 15 African financial institutions was signed to establish a consortium between Chinese and African banks.
The African institutions have been chosen according to number of criteria and Banque Misr was selected to be the Egyptian representative. The deal signed by chairman of Banque Misr Mohamed El Etreby, comes as a result of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) held.
The consortium aims to foster China-Africa cooperation as well as trade and investment relations. It also targets reducing poverty rates in Africa in addition to bridging funding gaps that hinder the sustainable economic development in African countries in the fields of industry and infrastructure.
Banque Misr had supported and financed a large number of economic projects carried out by Chinese companies in Egypt, including the establishment of the Central Business in the New Administrative Capital.
The bank is also cooperating with Chinese companies in upcoming projects; electric train project that will link 10th of Ramadan and New Cairo with new administrative capital as well as the high speed railway project to link the city of Alamein and the city of Ain Sukhna.
The Chinese side contributed in providing finance to economic projects as well as SMEs. The Chinese Development Bank granted Banque Misr long term loans with a total of US $ 600 million.
As part of Banque Misr expansion strategy to increase its presence outside Egypt, the bank has a representative office in Guangzhou , China in addition to its branches in Egypt, UAE and France and subsidiaries in Germany, Lebanon and Uganda, and its representative office in Russia.