Banque Misr finalises $250 mln 3-yr loan

Banque Misr, Egypt’s second-largest state lender, has raised a US$250 million loan of three years duration designed to use for general funding purposes, the coordinator of the deal announced Sunday.

The transaction is the first time the bank has sought to borrow from international banks since the North African country was hit by political unrest at the start of 2011.

Last month, Banque Misr’s chairman told Reuters that the bank was close to completing a three-year loan which would pay a margin of 3.2 percent.

Coordinator Bank ABC Bahrain, as well as Emirates NBD, HSBC, Mashreq and Union National Bank, arranged the transaction, according to the statement from the Bahrain-based bank.