Banque Misr reportedly taps Citigroup to arrange USD 500 mn loan from int’l lenders

State-owned Banque Misr has reportedly tapped Citigroup to arrange a USD 500 mn syndicated loan, sources close to the matter tell Reuters. Banque Misr Chairman Mohamed El Etreby said earlier this month that the bank had hired an international institution to manage a USD 500 mn facility it was looking to secure by 3Q2018 to finance planned expansion. Neither Citigroup of Banque Misr could be reached for comment, says the newswire, which describes the chatter as “the latest sign of a pick-up in interest among international banks in lending to Egyptian borrowers,” noting a USD 600 mn loan being arranged for the National Bank of Egypt, around USD 700 mn in loans for the Egyptian Electricity Holding Company, as well as Telecom Egypt’s USD 900 mn in total recent facilities. “Such loans are being seen as a sign of returning confidence among international lenders in the Egyptian economy.”