Banque Misr arranging EGP2bln syndicated loan for a real estate developer

Banque Misr, Egypt’s second largest bank,  is arranging a syndicated loan of 2 billion Egyptian pounds ($99.996 million) in favour of a real estate developer  to finance an administrative, commercial project in New Cairo.

A source with knowledge told Amwal Al Ghad that the finance will be directed to the construction works of  its project that includes a mall, a hotel and administrative buildings.

The source added that two other banks are participating in the arrangement of the long-term syndicated loan.

The bank had also concluded 13 funding agreements with a total value of 22.725 billion pounds ($1.415 billion) while taking part in 12 funding agreements  as a facility agent with a total value of 26.28 billion pounds ($1.636 billion). .

According to Bloomberg’s 2019 report, Banque Misr was ranked first in Egypt in terms of arranging and marketing syndicated loans. The bank was also ranked sixth mandated lead arranger across Africa.