CAIRO, Sept. 17 -- China Development Bank (CDB), the largest Chinese bank for foreign investment and financing cooperation, on Sunday signed two deals to provide loans to Egypt's two major financial institutions SAIBANK and Banque Misr.
The deals were signed at a ceremony at Banque Misr headquarters in Cairo, which was attended by Chinese Ambassador to Egypt Song Aiguo and representatives from the Central Bank of Egypt.
The first deal included two loan agreements, under which the CDB will provide SAIBANK with a loan of 40 million U.S. dollars for small and medium-sized enterprises, and a special RMB denominated loan of 260 million yuan (40 million U.S. dollars) for infrastructure construction.
"The deal includes about 40 million dollars and their Chinese equivalent amount to promote small and medium enterprises (SMEs) and create many job opportunities," SAIBANK Vice Chairman Hassan Abdel-Meguid told Xinhua ahead of the signing ceremony.
He added that it comes within the framework of Sino-Egyptian cooperation in the light of the growing friendship and partnership between the two countries.
The second deal was a memorandum of understanding (MoU) signed between CDB and Banque Misr, in which the CDB will provide the Egyptian bank with a loan in Chinese currency RMB for the first time.
"The loan amount is still being studied. Having the loan in the Chinese local currency will help provide loans to Chinese companies that operate or want to enter the Egyptian market in their own currency, which will encourage their investment in Egypt," Banque Misr Vice Chairman Akef Abdel-Latif al-Maghraby told Xinhua after signing the MoU.
Maghraby said it's important for China to have their own currency used more outside China, noting his bank has previously signed two loan agreements with the CDB that are worth 100 and 500 million dollars respectively.
Maghraby described Egypt's relations with China as "very strong and historical" with their close cultures and political and economic understanding and integration.
He stressed that Egypt is an active player in the Belt and Road Initiative proposed by Chinese President Xi Jinping in 2013.
CDB Executive Vice President Wang Yongsheng, who signed both deals with SAIBANK and Banque Misr, said the agreements marked a big step forward for the internationalization of the Chinese currency RMB within the framework of the Belt and Road Initiative.
"It is just the beginning of a brighter future for the cooperation between China and Egypt under the framework of the Belt and Road Initiative," Wang told Xinhua.
CDB chose Egypt as the destination for its first overseas representative office established in 2009, which is also the only Chinese financial institution in Egypt.
It has also provided financial service to support various sectors in Egypt, including energy, telecommunication, banking, manufacturing, and small and medium-sized enterprises. By the end of 2016, CDB's loan outstanding in Egypt had reached more than 2 billion dollars.
At the invitation of President Xi, Egyptian President Abdel-Fattah al-Sisi took part in the summit meeting of the BRICS economic bloc grouping Brazil, Russia, India, China and South Africa, which was held in Xiamen, China, on Sept. 3-5.
Meeting on the sidelines of the BRICS summit, Xi told Sisi that China is ready to advance the comprehensive strategic partnership with Egypt.
"During the BRICS summit, President Xi and President Sisi vowed to enhance partnership in various fields, including financial cooperation," Ambassador Song told Xinhua.
"So, I am happy to witness the signing of the joint financial deals today as the best example of what we can achieve through cooperation between the two countries," he added.
中考英语范文:Weekends
中考英语作文:名人
中考英语作文-记叙文写作技巧
中考英语满分作文范文
中考英语作文:种花
中考英语范文:Ways to Improve china's tourism
中考英语作文:Talking about Having Sports
英语满分作文必背句型七类
中考英语作文:种花
中考英语作文:我的一天
中考英语作文:My Home Town
中考英语作文:Is Stress a Bad Thing?
2010年中考英语常见写作错误归纳15条
中学生如何写好英语作文
英语词汇学习有利于写作的提高
中考英语作文:命题作文指导
中考英语范文:Spring is coming on
中考英语作文:我的春节
中考英语作文:The Development of a Private Car
中考英语作文开头方式
中考英语作文训练技巧
用新概念二册提升中学写作的“四大关键”
中考英语范文:Holidays and Outings
中考英语作文:Asking the Way问路
2010中考英语书面表达必背句子2
如何写出中考英语高分作文
名师指导:五个步骤写好中考英语作文
中考英语作文:我的一天
中考英语范文:A Model Student
2011年中考英语话题作文范文(8篇)
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |