Vice Chairman of Banque Misr Mr Akef Al-Maghraby signed a memorandum of understanding (MoU) for a loan in Chinese yuans from China Development Bank (CDB), represented by Vice Chairman of CDB Mr Wang Yongsheng, and in the presence of the Ambassador of China to Cairo Mr Song Aiguo.
The signing of the MoU comes in the framework of the fruitful cooperation with China, and in particular with Chinese banks, specifically CDB. Further, it highlights Banque Misr's role in supporting and diversifying the sources of funding for Egyptian projects with Chinese investors in Egypt. Such projects include infrastructure, electricity, energy, and communications enterprises. This is in addition to financing small and medium enterprises.
The MoU is considered a continuation of Banque Misr's strong relations with Chinese banks, whereby Banque Misr previously signed two MoUs; the first with China Export and Credit Insurance Corporation (Sinosure), granting Banque Misr credit worth $500 million to finance projects with Chinese partners. The second MoU was signed with the Industrial & Commercial Bank of China (ICBC), granting Banque Misr direct facilitations guaranteed against the credit provided by Sinosure, at up to $500 million, also to finance projects with Chinese partners, with the degree of Chinese participation varying in accordance with the nature of the projects. Project activities vary to include energy, equipment, construction, infrastructure, and more.
Furthermore, Banque Misr recently established a representative office in Guangzhou, which is considered a key city in China and the capital of the Guangdong Province in the south of China. Guangzhou is considered the southern gateway to China, and houses many of the world's most prominent financial and business institutions. As such, it is considered the financial center of the south of China, where many key international commercial expos are held. This comes in addition to Banque Misr's presence in the UAE, Lebanon, Paris, Germany and Russia.