Banque Du Caire Likely To Contribute EGP 300 Mln To Mobinil Loan

Banque Du Caire has given an in-principle approval to act as an underwriter of the EGP 2.9 billion loan arranged for the Egyptian Company for Mobile Services (Mobinil) by contributing with EGP 300 million to the loan.

Sources told Amwal Al Ghad that Banque Du Caire’s Board of Directors will give a decide upon contributing to the loan this week as the loan arrangers will sign the final agreement with Mobinil next Sunday. The Loan will be used to finance the future local expansions and refinance current debts.

The National Bank of Egypt (NBE), Banque Misr (BM) and Commercial International Bank (CIB) act as mandated lead arrangers and underwriters of the loan, HSBC Bank acts as lead loan arranger and underwriter and NSGB acts as loan arranger and underwriter.

Sources said HSBC Bank will contribute EGP 400 million and NSGB will contribute with EGP 200 million to the loan, while the value of contributions earlier approved by NBE, BM and CIB will change if Banque Du Caire approves to contribute to the loan. It is worth mentioning that a consortium compromising of NBE, CIB and NSGB offered EGP 2 billion loan to Mobinil last year to which NBE contributed with EGP one billion and CIB and NSGB provided EGP one billion.