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Report: Banque Misr mandates Citi to arrange $500M loan

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Report: Banque Misr mandates Citi to arrange $500M loan

Banque Misr SAE hired Citigroup to help it arrange a $500 million syndicated loan, Reuters reported May 17, citing banking sources.

The debt facility is considered the latest sign of an increase in interest among international banks in lending to Egyptian companies, with National Bank of Egypt (SAE) also syndicating a planned $600 million loan with HSBC, Standard Chartered, Citi, Emirates NBD, Bank ABC, Rakbank and Commercial Bank of Qatar, according to the report.

Other deals involving Egyptian firms include a loan worth a maximum of roughly $700 million for Egyptian Electricity Holding Co. and three loans worth approximately $900 million for Telecom Egypt, Reuters added.