Banque Misr received the loan after signing an agreement this week with China Development Bank (CDB) at the value of $100m, according to the bank chairman, Mohamed El-Etreby.

The value of the loan has already entered the bank’s treasury. The loan will contribute to boosting Banque Misr’s dollar resources as well as financing strategic projects in Egypt,” he said.

The agreement was signed with chairman of CDB Hu Huaibang on 20 January 2016. The five-year loan deal offers a two-year grace period as the payment will start as of the third year.