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Tuesday 19 Jan 2016 - 19:13 Makkah mean time-9-4-1437
Cairo, (IINA) - The Central Bank of Egypt will receive $1.5 billion loan from China during a three-day visit of Chinese President Xi Jinping to Egypt, starting from Wednesday, Egypt Independent reported.
The loan 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 a $500 million and a $100 million in Chinese loans to the National Bank of Egypt and Banque Misr, respectively.
Banque Misr chief Mohamed Al-Etribiy said that his bank would use the loan to finance small and medium-sized enterprises.
The visit will also witness the signing of a series of other agreements in various fields, including infrastructure and transport.
AG/IINA
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