Financial and Banking News
Chinese Extend $200mn Credit to Egypt
China is to extend a $200mn interest-free loan to Egypt for a further five years. The loan was first made available in 1964, and has been extended for the fourth consecutive five-year period. The agreement to extend the facility, together with an agreement to reschedule Egypt's debts to China for a further two years until 2007, was signed during last week's visit by the Chinese president to Cairo.