The Central Bank of Egypt will receive a US$1.5 billion loan from China during a visit by China’s President Xi Jinping next week, a high-profile banking source told Al-Masry Al-Youmon Sunday.
The loan, according to the source, will be used to support the country’s general budget and the current $16.4 billion foreign reserve.
The visit will also witness the signing of $500 million and $100 million in Chinese loans to the National Bank of Egypt and Banque Misr, respectively.
Banque Misr chief Mohamed al-Etribiy said his bank will use the loan to finance small and medium-sized enterprises.
The same visit, scheduled to extend between January 20 and 22, will witness the signing of a series of other agreements in various fields, including infrastructure and transport.
Edited translation from Al-Masry Al-Youm