Egypt arranges loan of USD3B with Gulf banks | MENAFN.COM

Wednesday, 18 May 2022 03:07 GMT

Egypt arranges loan of USD3B with Gulf banks


(MENAFN) Egypt secured a USD3 billion loan organized in cooperation by a group of Gulf banks, to be distributed by the same token between green and Islamic financing for a time frame of 3 years.

According to Alarabiya statement quoting banking sources, the financing, which ended the previous month, registered a return of 260 basis points higher than the LIBOR rate.

Based on the sources, the banks that organized the loan involved Emirates NBD and First Abu Dhabi Bank, who were the major organizers for the funding.

Other banks taking part in the funding agreement involved Abu Dhabi Islamic Bank, Al Ahli Bank of Kuwait, Arab Banking Corporation, Standard Chartered, National Bank of Kuwait and Warba Bank.

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