It is reported that the 260 million yuan special loan signed this time will be used to support the construction of Egypt's infrastructure, electricity, energy, communications, transportation, agriculture and other fields; The $40 million special loan for small and medium-sized enterprises in Africa is used to support the construction of small and medium-sized enterprises in Egypt.
China's Ambassador to Egypt Song, Vice President, Vice President of Egypt Arab International Bank Hassan Abdul MaiDejiddin and Vice President of Egypt Bank acuff Maghrabi attended the signing ceremony.
Song said at the signing ceremony that with the promotion of the Belt and Road Initiative and the implementation of Egypt's "Suez Canal Corridor" development plan, China-Egypt cooperation has shown more points of convergence, and the deepening of comprehensive strategic partnership between the two sides has ushered in new historical opportunities.
Wang Yongsheng said that CDB has set up a special loan equivalent to RMB 250 billion to support the Belt and Road Initiative. The signing of RMB loan contract and memorandum of understanding has an important demonstration effect and far-reaching significance for accelerating RMB internationalization, boosting China-Egypt capacity cooperation through financial cooperation, and comprehensively promoting China-Egypt investment and trade facilitation, which will provide strong support for China-Egypt future economic and trade development, capacity cooperation upgrade and Chinese-funded enterprises' "going global".
Hassan Abd al-Dejiddin said that the signing of this loan contract is the first cooperation between Egypt-Arab International Bank and CDB, and he hopes to take this opportunity to establish a long-term cooperation system and mechanism between the two sides and carry out more projects that will benefit the Chinese and Egyptian people in the future.