CAIRO, Sept. 5 (Xinhua) -- The National Bank of Egypt (NBE) signed a loan agreement of 600 million U.S. dollars with China Development Bank (CDB) in the Chinese capital Beijing, the NBE announced in a statement on Wednesday.

NBE Chairman Hisham Okasha said that the loan aimed at "financing the working capital of NBE's clients."

He added that the loan's approval reflected confidence of the international institutions in the Egyptian economy under the ongoing reform program as well as in the financial position of the NBE.

Okasha underscored strong cooperation between NBE and CDB over the past six years that led to financing infrastructure projects as well as small and medium enterprises in Egypt.

CDB is the largest Chinese bank for foreign investment and financing cooperation. It has previously provided loans to Egyptian major financial institutions including SAIBANK and Banque Misr.

Egypt has been going through a strict three-year economic reform program since late 2016.