Banque Misr inks deal to establish Chinese-African alliance of banks

BEIJING - 6 September 2018: Banque Misr signed on Wednesday a deal to establish a Chinese-African consortium of banks between China Development Bank and 15 African financial institutions.

The deal, inked by chairman of Banque Misr Mohamed el Etreby, comes as a result of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) held on Monday and Tuesday.

The consortium aims to foster China-Africa cooperation as well as trade and investment relations, Banque Misr said in a statement.

It also targets reducing poverty rates in Africa in addition to bridging funding gaps that hinder the sustainable economic development in African countries in the fields of industry and infrastructure.