CBE coordinating with China to receive loan of $1bn

Deputy Governor of the Central Bank of Egypt (CBE) Tarek Fayed said on Thursday the bank is coordinating with China to receive a one-billion-dollar loan that was agreed upon during the Chinese president's latest visit to Cairo.

In statements on the sidelines of the conference of the Union of Arab Banks (UAB) currently held in Sharm el Sheikh, Fayed said some regulations concerning the loan deal are waiting to be finalized to receive the loan.

He also pointed out that the CBE will implement a number of measures to encourage small and medium-enterprises, noting that the bank's recent decisions encourage banks to fund and also help them increase their profits.