{"id":548558,"date":"2022-08-14T04:00:25","date_gmt":"2022-08-14T04:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/egypt-could-turn-to-emirati-lenders-for-up-to-usd-2-5-bn-in-financing\/"},"modified":"2022-08-14T04:00:25","modified_gmt":"2022-08-14T04:00:25","slug":"egypt-could-turn-to-emirati-lenders-for-up-to-usd-2-5-bn-in-financing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/egypt-could-turn-to-emirati-lenders-for-up-to-usd-2-5-bn-in-financing\/","title":{"rendered":"Egypt could turn to Emirati lenders for up to USD 2.5 bn in financing"},"content":{"rendered":"

<\/a> Egypt is in talks with <\/strong>regional and <\/strong>international banks to <\/strong>borrow USD 2.5 bn<\/strong> amid mounting economic headwinds, Bloomberg<\/a>reported, citing people it says have knowledge of the matter. The people said the government is in talks with the banks over details of the financing. The talks are still preliminary and may not result in an arrangement, they added.<\/p>\n

Who\u2019s involved:<\/strong> First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) are reportedly arranging the loan and have invited other lenders to get involved, the people said.<\/p>\n

Egypt isn\u2019t alone among emerging markets:<\/strong> More than a dozen countries in Africa and the Middle East were forced to turn to syndicated loans in the first half of the year as rising interest rates and a red-hot greenback shut out developing countries from the international bond market. The countries borrowed around USD 13 bn<\/a> from banks during the six-month period, almost double the amount in the same period in 2021.<\/p>\n

But it has also borrowed from these banks before:<\/strong> Egypt has borrowed money several times from FAB in recent years, the most recent of which was last year when it took a USD 3 bn loan<\/a> from a banking syndicate that also included ADCB<\/a>.<\/p>\n

It needs FX:<\/strong> Egypt is estimated to need around USD 41 bn to cover debt repayments and fund its current account deficit by the end of 2023 but has seen its stockpile of foreign reserves fall almost 20% to USD 33.14 bn<\/a> this year due to higher commodity prices, capital outflows and rising borrowing costs.<\/p>\n

The gov\u2019t is working multiple angles:<\/strong> Egypt is in talks with the IMF<\/a> for fresh financing, it has secured commitments for USD 22 bn in Gulf financing<\/a>, strict import restrictions<\/a> have been in place since February, and last week it began rationing electricity nationwide<\/a> in a bid to export more gas and increase revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is in talks with regional and international banks to borrow USD 2.5 bn amid mounting economic headwinds, Bloombergreported, citing people it says have knowledge of the matter. The people said the government is in talks with the banks over details of the financing. The talks are still preliminary and may not result in an […]<\/p>\n","protected":false},"author":1,"featured_media":548559,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[204,82,7106,88,115,72,655],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banking","tag-bonds","tag-debt","tag-debt-watch","tag-emerging-markets","tag-enterpriseam","tag-foreign-reserves","wpautop","entry"],"acf":{"mongo_id":"5877e065-0dad-4296-806a-0a959880425c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/232.jpg","photo_position":"above","related_issue":[548548],"teaser":"","voice_url":""},"yoast_head":"\nEgypt could turn to Emirati lenders for up to USD 2.5 bn in financing - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/egypt-could-turn-to-emirati-lenders-for-up-to-usd-2-5-bn-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt could turn to Emirati lenders for up to USD 2.5 bn in financing\" \/>\n<meta property=\"og:description\" content=\"Egypt is in talks with regional and international banks to borrow USD 2.5 bn amid mounting economic headwinds, Bloombergreported, citing people it says have knowledge of the matter. 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First Abu Dhabi Bank (FAB) to arrange a loan worth more than USD 1 bn as it tries to plug its financing gap caused by the covid-19 pandemic, Reuters reports, citing two\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555717,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/shut-up-and-take-my-money\/","url_meta":{"origin":548558,"position":1},"title":"Shut up and take my money","author":"enterpriseam admin","date":"24 November 2021","format":false,"excerpt":"Have another USD 1 bn: Egypt may be taking out a bigger bank loan than previously disclosed thanks to heavy appetite from lenders lining up to participate in a USD 3 bn facility from a group of international banks \u2014 that\u2019s USD 1 bn more than originally anticipated, 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The facility will be divided into a USD 1 bn Islamic financing tranche and a USD\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556411,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/telecom-egypt-secures-usd-500-mn-loan-from-international-banks\/","url_meta":{"origin":548558,"position":3},"title":"Telecom Egypt secures USD 500 mn loan from international banks","author":"enterpriseam admin","date":"25 October 2021","format":false,"excerpt":"Telecom Egypt has signed a USD 500 mn medium-term loan agreement with a syndicate of 11 international banks, the company announced in a statement(pdf) dated Thursday but posted on EGX screens yesterday. 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The company has appointed the First Abu Dhabi Bank and Mashreq Bank to arrange the facility, which is expected to have a six-year repayment term. We\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/44.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549695,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/","url_meta":{"origin":548558,"position":5},"title":"Elsewedy Electric secures EGP 2 bn in Islamic financing","author":"enterpriseam admin","date":"27 September 2022","format":false,"excerpt":"Elsewedy Electric has secured EGP 2 bn in Islamic financing from a banking consortium led by Abu Dhabi Islamic Bank (ADIB), according to a statement (pdf). The financing will help the company and its subsidiaries expand activities, the statement read. Who else is involved? Al Baraka Bank, Al Ahli Bank\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548558"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548558\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548559"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548558"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548558"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}