A consortium of Gulf banks, including Saudi Arabia’s Al Ahli, UAE’s Abu Dhabi Commercial Bank and Emirates NBD, and Qatar’s Khaleeji Commercial Bank, will jointly offer a loan of $250 million to Egypt’s Banque Misr, according to media reports.
This comes a few months after the bank finalised its largest syndicated term facility with a medium-term loan worth $1 billion to finance various projects and contribute to sustainable development, according to a recent statement.
The new loan, Al Arabiya reported citing sources, will be paid off in three years, and will be used for general financing of the bank, the second largest government lender in the country.
The bank initially planned to refinance the existing $550 million syndicated loan signed in 2018. However, the bank received about $1.2 billion in orders, about 200 per cent of the initial targeted amount, prompting it to increase the facility value and close the syndication at $1 billion with a final roll-over ratio of 181 per cent.
Egypt’s central bank announced earlier it had approved a set of rules under which it would be able to provide emergency liquidity to local lenders.
