Egypt completes a $3 billion loan, divided equally between green and...

Egypt completes a $3 billion loan, divided equally between green and...
Egypt completes a $3 billion loan, divided equally between green and...

Banking sources told Al Arabiya.net that a group of Gulf banks had completed arranging a joint loan to Cairo of about $3 billion, divided equally between Islamic financing and the first green loans to Cairo, at $1.5 billion each for a period of 3 years.

The sources added that the financing that was closed at the beginning of the last month of last year The return on it reached about 260 basis points above the LIBOR rateMeanwhile, the ranked banks that provided financing with more than a quarter of a billion dollars received a fee of 50 basis points from the value of the financing provided.

In late November, Reuters quoted banking sources as saying that Egypt had raised the volume of bank financing, which had been announced in October, from $2 billion to $3 billion, without going into details.

A source in one of the banks working on the deal said that the list of banks that worked on arranging the provision of financing included Emirates NBD and First Abu Dhabi Bank, who acted as main coordinators for the financing.

The list of banks participating in the financing included several Gulf banks, including Abu Dhabi Islamic Bank, Al Ahli Bank of Kuwait, Arab Banking Corporation, Standard and Chartered Bank, National Bank of Kuwait and Warba Bank of Kuwait.

The source explained that the financing was covered by about 2.5 times, which allowed the Ministry of Finance to reduce the cost of financing.

Egypt obtained similar financing in August of last year, at a cost of about 365 basis points above the reference LIBOR price, for one year only.

“They succeeded in obtaining better financing terms with a lower cost and an increase in the time frame of the loan…Things went well, perhaps better than what the Egyptian Finance Ministry initially expected,” the source added.

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