Banque Misr has obtained a syndicated loan worth about USD 1 bn,the bank announced in a statement (pdf). The three-year loan will be used to refinance existing debts and expand its loan portfolio, it said. Sources told CNBC Arabia last month that the bank will use the proceeds to pay off USD 550 mn which the bank had borrowed back in 2018 from foreign lenders to improve USD liquidity.

Banque Misr was met with huge demand among international banks: Originally intending to raise USD 550 mn, the bank received bids worth USD 1.2 bn. Twenty-two banks from 11 countries participated in the loan.

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