Banque Misr, CIB sign EGP 6.35 bln syndicated loan with Benya Group

Egyptian digital and ICT infrastructure provider Benya Group has on Tuesday signed a 6.35 billion Egyptian pound ($258.1 million) syndicated loan agreement with Banque Misr and the Commercial International Bank (CIB Egypt).

The loan will go for financing projects assigned to Benya in the technological infrastructure sector in Egypt as part of the country’s digital transformation strategy.

Under the agreement, Banque Misr and CIB act as the mandated lead arrangers and bookrunners. Banque Misr also acted as the facility agent, while CIB was the security agent.

The agreement was signed by Akef El Maghraby, vice chairman of Banque Misr; Amr El Ganainy, CEO for Institutional Banking at the CIB; and Ahmed Mekky, chairman and CEO of Benya. The signing ceremony was in the presence of Banque Misr chairman Mohamed El-Etreby and leaderships at the bank, CIB, and Benya.