Egypt’s Banque Misr gets $250 million loan from gulf banks

Egypt’s second largest public bank Banque Misr has secured a loan of about $250 million from a consortium of gulf banks, sources with knowledge of the matter told Al Arabiya on Sunday.

The consortium includes the Saudi National Bank (SNB), Abu Dhabi Commercial Bank (ADCB), Emirates NBD, and Al Khaliji Commercial Bank.

The new loan will be paid off in three years, and will be used for general financing of the bank, the second largest government lender in the country, the sources added.

This comes a few months after the bank finalised its largest syndicated term facility with a medium-term loan worth $1 billion to finance various projects and contribute to sustainable development.