Banque Misr obtained the largest syndicated loan in its history, amounting to one billion dollars to help finance various projects and achieve sustainable development.
The bank announced in a press release today, Saturday, that He sought a $ 550 million syndicated loan This as part of the renewal of the syndicated loan that it obtained in 2018, but the bank received requests for over a billion dollars, with a coverage rate of around 200% of the initial value, which led Banque Misr to complete the loan with a coverage rate of 181% of the initial value of the syndicated loan, equal to one billion dollars.
He explained that the requests he received came from 22 regional and international banks from 11 countries in the United States, Europe, the Middle East and Asia, including 12 new banks participating in the Banque Misr joint loan for the first time.
Banque Misr’s chairman of the board, Mohamed El-Etreby, said the results of the joint financing and the financial flexibility enjoyed by the bank appeared as one of the influential weapons in restoring macroeconomic stability and contributing to economic reforms. in a growing market even during the turbulent conditions of 2021.
The vice president of the board of directors, Akef Al-Maghraby, said that “despite the negative impact of the global epidemic as well as the difficulty of accessing international markets to obtain the necessary liquidity, the bank has reached a new milestone that will be significantly reflected. on the main ones driver in support of Egyptian economic growth “.
Banque Misr referred to the use of Emirates NBD Capital, Mashreq Bank and First Abu Dhabi Bank, which are among the largest banks in the UAE specializing in arranging joint lending operations, in addition to the participation of Emirates NBD Capital, Mashreq Bank, Al Ahli Bank of Kuwait, Arab Banking Corporation and Citi. Bank, First Abu Dhabi Bank and Gulf International Bank.
The Industrial and Commercial Bank of China, Mauritius Commercial Bank, National Bank of Kuwait, Standard Chartered Bank, Sumitomo Mitsui Banking Group in quality of lead arranger and bookrunner, as well as the National Bank of Ras Al Khaimah and the Saudi British Bank in quality of lead arranger, arranger and bookrunner were also involved in the preparation of the syndicated loan on behalf of Banque Misr, for a duration of 3 years, aimed at financing the bank’s banking operations, as well as the early repayment of the joint loan in to be.
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