Banque Misr to secure largest syndicated loan in its history worth $1 billion

Egypt’s second largest state-run lender, Banque Misr is in the process of obtaining the largest syndicated loan in its history worth about $1 billion to pay off financing obtained in 2018, banking sources told CNBC Arabia on Monday.
The Egyptian bank is getting a record turnout by banks to provide financing, and will use the loan to pay off a $550 million financing obtained in December 2018, the sources added.
The bank’s initial plan was to get the same amount of financing that it would have to pay back, but later raised the size of the loan amid a rush from banks to provide the joint sum.
The consortium includes Al Ahli Bank of Kuwait, Emirates NBD, First Abu Dhabi Bank (FAB), and Standard Chartered, the sources said.