China to Lend Egypt Banks $1.8Bln During Xi Visit - Egyptian Envoy to China

© REUTERS / Carlo AllegriPresident Xi Jinping of China addresses attendees during the 70th session of the United Nations General Assembly at the U.N. Headquarters in New York, September 28, 2015
President Xi Jinping of China addresses attendees during the 70th session of the United Nations General Assembly at the U.N. Headquarters in New York, September 28, 2015 - Sputnik International
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China and Egypt will sign agreements extending $1.8 billion in loans to a range of Egyptian banks, local media cited Egypt's ambassador in China as saying Monday.

CAIRO (Sputnik) — Xi is due in Cairo on January 20-22 in the first visit by a high-level Chinese official in over a decade, Egypt's Ambassador in Beijing Magdy Amer told Egypt's MENA news service.

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"It is expected that China will sign with the Central Bank of Egypt an agreement on a loan of $1 billion to strengthen its reserves in foreign currency, as well as an agreement to provide $700 million to the National Bank of Egypt Al-Ahly. This line of credit to finance future projects," Amer said.

The Banque Misr will receive a $100 million loan to finance small- and medium-sized business projects, he added.

Egyptian President Abdel Fattah Sisi has visited China twice in his tenure, both times in 2015.

Xi travels to Egypt as part of a wider regional tour this week, which includes stops in Saudi Arabia and Iran.

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