$200 million loan from China due to arrive in National Bank of Egypt
Al-Masry Al-Youm 03/09/2012
The National Bank of Egypt said that the US$200 million loan recently granted by the China Development Bank will arrive in the country within days.
The interest rate due on the loan is up to 3.75 percent above Libor rates, which is the central lending price of British banks for a pay period of eight years, including a three-year grace period.
Sharif Elwi, vice-president of the National Bank, said that the loan marks the beginning of Egyptian cooperation with Asian markets in light of worsening economic conditions in Europe.
China has allocated $20 billion to finance projects in Africa, and the National Bank began loan talks with the China Development Bank five months ago, Elwi explained. He denied that the government had pressured the National Bank to broker the deal due to Egypt’s declining international credit rating.
National Bank leaders plan to visit Singapore, Hong Kong, China and Malaysia this October to present investment opportunities in Egypt to potential backers there.
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More than a year after civil unrest broke out and plunged part of Syria into the chaos of the ‘Arab Spring’, the Baath government remains firmly in control and the majority of the country is calm; almost untouched by an opposition which is scattered and confined to the cities of Homs and Hama, as well as a few towns on the Turkish and Lebanese border. The main reported cases of unrest are linked to regular attacks from Salafist bands which are of an extremely violent nature and more importantly, the Free Syrian Army. The latter counts amid its ranks numerous Qataris and Libyans, all whom have been trained in the art of urban guerilla warfare by the French army in refugee camps, which provide perfect bases from which to operate and orchestrate attacks.
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