Samih Sawiris’ Orascom Development Egypt (ODE) has reached an agreement to amend the payment terms of a syndicated loan it had arranged through local banks in 2016, sources said, according to Al Mal. Under the amendment terms, ODE will make an immediate payment of EGP 650 mn and settle the remainder over 5.5 years — instead of 7.5 — starting 30 June. The new terms will also see interest due on the USD tranche of the loan reduced by 100 bps. ODE acquired the funding back in 2016 to reschedule short-term debt, it included two tranches worth EGP 439 mn and USD 65 mn respectively.

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