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State-run National Bank of Egypt (NBE), one of the country’s biggest lenders, announced on Wednesday it had signed a $600 million loan agreement with the China Development Bank.
It said in a statement the loan deal was signed in Beijing on Tuesday “to finance the working capital of NBE customers”, without elaborating.
NBE received a $700 million loan from the China Development Bank to finance infrastructure projects in 2016.
Egypt is trying to spur economic growth after a 2011 uprising ushered in political instability that scared off tourists and foreign investors.
Source: Reuters
