China Development Bank disbursed $956.61mln to Egypt’s central bank

China Development Bank disbursed $956.61mln to Egypt’s central bank

BEIJING - The China Development Bank on Monday disbursed a 7 billion yuan ($956.61 million) loan agreement with Egypt's central bank, according to a statement released by the Beijing-based bank on Tuesday.

The agreement was signed during the third Belt and Road Forum held in Beijing earlier this month, the statement said, and is to finance projects agreed upon at that summit as well as during the Forum on China-Africa Cooperation in 2021.

($1 = 7.3175 Chinese yuan renminbi)

(Reporting by Joe Cash; Editing by Christian Schmollinger)

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