Chairman of Banque Misr Mohamed Mahmoud Eletreby signed a $100m loan agreement with Chairman of the China Development Bank (CDB) ‎Hu Huaibang.

The agreement was signed on Wednesday at the headquarters of Banque Misr.

According to a press release issued by Banque Misr, the duration of the loan is five years, with a grace period of two years. Banuqe Misr will begin to repay the loan in the third year.

The loan is intended to strengthen the bank’s dollar resources to support it in financing strategic projects, as well as to bolster the country’s foreign exchange reserves.

The agreement comes during the visit of the Chinese President Xi Jinping to the Middle East. In recent days, Egyptian and Chinese parties have signed several agreements intended to align their economic interests.

The CBD, which has a representative office in Egypt, has emphasised its interested in cooperating with Egyptian banks.