Active Mixed AidData Chinese Aid

ICBC Standard Bank loan provides $100 million loan to National Bank of Egypt for unspecified purposes

$100M USD

Funder	ICBC Standard Bank PLC
Recipient Organization	National Bank of Egypt (S.A.E.)
Country	Egypt
Start Date	Jan 01, 2020
End Date	Nov 24, 2026
Duration	2,519 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`103466`

Grant Description

ICBC Standard Bank loan provides $100 million loan to National Bank of Egypt for unspecified purposes In 2020, ICBC Standard Bank and the National Bank of Egypt (NBE) — a state-owned bank in Egypt — signed a $100 million loan agreement.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

However, it is known that the loan was collateralized against EGP 2,522,000,000 in Egyptian Treasury Bills.

The loan’s principal amount outstanding was EGP 1,572,000,000 as of December 31, 2021 and EGP 1,826,000,000 as of March 31, 2022.

📋 Staff Comments

The first time that the $100 million ICBC Standard Bank loan appeared in the NBE’s annual financial statements was in 2021 when it release its financial statements for the year ending on December 31, 2020. As such, for the time being, AidData assumes that the loan was issued in 2020. This issue warrants further investigation.
More research is needed to determine if the FXSL/BOP marker should be set to True.
NBE’s annual financial statements can be accessed via https://www.nbe.com.eg/NBE/E/#/EN/FinancialIndicators.

📚 Sources & References

The Separate Financial Statements and the Limited Review Report for the Financial Period ended 31 March 2021
The Separate Financial Statements and the Limited Review Report for the Financial Period ended 30 June 2021
The Separate Financial Statements and Auditors' Report for the Financial Period ended 31 December 2020
The Separate Financial Statements and Auditors' Report for the Financial Period ended 31 March 2022 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

National Bank of Egypt (S.A.E.)

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