Banque Misr obtains the largest loan in its history, amounting to one billion dollars

10:10 PM

Thursday 23 September 2021

Books – Mustafa Eid:

Banque Misr said, in a statement today, Thursday, that it succeeded in obtaining the largest syndicated loan in its history, at a value of one billion dollars, to contribute to financing various projects and achieving sustainable development.

The bank added that it sought to obtain a syndicated loan of $550 million as part of the renewal of the syndicated loan that it obtained during 2018, but the bank received requests of more than one billion dollars with a coverage rate of about 200% of the initial value, which made Banque Misr complete the loan. Coverage rate of 181% of the initial value of the syndicated loan amounting to 1 billion US dollars.

He explained that the requests he received were from 22 regional and international banks from 11 countries from the United States, Europe, the Middle East and Asia, including 12 new banks participating for the first time in Banque Misr’s joint loan.

Mohamed El-Etreby, Chairman of Banque Misr, said: “The results of the joint financing showed the financial flexibility that the bank enjoys as one of the influential arms in restoring macroeconomic stability and contributing to economic reforms in a growing market even during the turbulent conditions of 2021.”

Akef Al-Maghraby, Vice Chairman of the Board of Directors, said, “Despite the negative impact of the global epidemic, in addition to the difficulty in accessing international markets to obtain the necessary liquidity, the bank has achieved a new achievement that will be reflected significantly on the main drivers supporting Egyptian economic growth.”

Banque Misr referred to the use of Emirates NBD Capital, Mashreq Bank and First Abu Dhabi Bank, one of the largest Emirati banks specialized in arranging joint lending operations, in addition to the participation of Emirates NBD Capital, Mashreq Bank, Al Ahli Bank of Kuwait, and the Arab Banking Corporation. Citibank, 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 as the lead arrangers and bookrunners as well as the National Bank of Ras Al Khaimah and the Saudi British Bank as lead arrangers, arrangers and bookrunners were also involved in arranging the syndicated loan on behalf of Banque Misr, which has a term of 3 years, for the purpose of financing the bank’s banking operations, in addition to carrying out the early repayment of the existing joint loan.

Banque Misr stated that in its quest to obtain a privileged pricing that reflects the confidence of the lending banks in the bank’s strong balance sheets and capital structure, the bank was able to obtain this financing at a special price compared to the syndicated loans that were previously launched in the international and local market in recent times.

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