{"id":553911,"date":"2021-12-13T03:50:47","date_gmt":"2021-12-13T03:50:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/"},"modified":"2021-12-13T03:50:47","modified_gmt":"2021-12-13T03:50:47","slug":"gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/","title":{"rendered":"Gulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t"},"content":{"rendered":"

<\/a> The Gulf banking syndicate that agreed last month to lend <\/strong>USD 3 bn<\/a><\/strong> to the <\/strong>Egyptian government has disbursed the funding<\/strong>, Al Shorouk<\/a> reports, citing unnamed sources. The three-year loan is being arranged by First Abu Dhabi Bank and Emirates NBD, and is split 50-50, with USD 1.5 bn allocated to ESG projects and USD 1.5 bn going to Sharia-compliant investments.<\/p>\n

Who\u2019s lending:<\/strong> Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Mashreq Bank, Bank ABC, National Bank of Kuwait, Ahli United Bank of Kuwait, Al Ahli Bank of Kuwait and Italy\u2019s Intesa Sanpaolo Bank, in addition to the lead arrangers.<\/p>\n

This is the second loan the government has taken out from Gulf financial institutions since 2020:<\/strong> Egypt took out a USD 2 bn 12-month loan<\/a> arranged by FAB and Emirates NBD in 2020, which it finished repaying earlier this year. The loan \u2014 divided into a USD 1.5 bn conventional tranche and a USD 500 mn Islamic tranche \u2014 was taken out to plug budget shortfalls and support the economy through the covid crisis.<\/p>\n

OTHER DEBT NEWS-<\/strong><\/p>\n

A USD 250 mn railway development loan from Korea: <\/strong>South Korea government has given its initial approval to a USD 250 mn soft loan to fund signaling upgrades for the 224-km Luxor-Aswan railway, Al Mal<\/a> reports, citing unnamed sources. Korea had stipulated that the Egyptian government only use state-owned Korean companies to implement the upgrades, from the consultant to the companies implementing the work. Korean entities will now begin submitting their technical and financial offers.<\/p>\n

The General Authority for the Suez Canal Economic Zone has received a EGP 1.5 <\/strong>bn loan from the National Bank of Egypt and Banque Misr<\/strong> to tide it over until its EGP 10 bn loan agreed with a syndicate of banks earlier this year has been disbursed, sources told Al Shorouk<\/a>. In April, the SCZone signed an agreement<\/a> for the 10-year loan with a group of banks including CIB, Banque du Caire, the Arab African International Bank and Suez Canal Bank to fund infrastructure projects. The NBE and Banque Misr are managing the facility.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Gulf banking syndicate that agreed last month to lend USD 3 bn to the Egyptian government has disbursed the funding, Al Shorouk reports, citing unnamed sources. The three-year loan is being arranged by First Abu Dhabi Bank and Emirates NBD, and is split 50-50, with USD 1.5 bn allocated to ESG projects and USD […]<\/p>\n","protected":false},"author":1,"featured_media":553912,"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":[88,72,416,208],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-suez-canal-economic-zone","tag-transport-ministry","wpautop","entry"],"acf":{"mongo_id":"f1441d50-c731-4b36-a185-e856fb155710","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/319.jpg","photo_position":"above","related_issue":[553897],"teaser":"","voice_url":""},"yoast_head":"\nGulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t - 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\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t\" \/>\n<meta property=\"og:description\" content=\"The Gulf banking syndicate that agreed last month to lend USD 3 bn to the Egyptian government has disbursed the funding, Al Shorouk reports, citing unnamed sources. 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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":555717,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/shut-up-and-take-my-money\/","url_meta":{"origin":553911,"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, Reuters reported\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\/11\/580.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574166,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/egypt-secures-usd-2-bn-loan-from-intl-banking-consortium\/","url_meta":{"origin":553911,"position":2},"title":"Egypt secures USD 2 bn loan from int\u2019l banking consortium","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Egypt has closed a USD 2 bn financing package with regional and international banks to plug budget shortfalls resulting from the covid-19 crisis, Finance Minister Mohamed Mait said in a statement yesterday. The one-year facility is divided into two tranches: USD 1.5 bn offered on conventional terms and a USD\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\/2020\/9\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548674,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/one-step-closer-to-egypt-saudi-electricity-interlink\/","url_meta":{"origin":553911,"position":3},"title":"One step closer to Egypt-Saudi electricity interlink","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"Saudi Arabia has secured more than USD 3.5 bn in funding for its part of the 3 GW Egypt-Saudi electricity interlink project, according to the Saudi Press Agency. The Saudi Electricity Company (SEC) secured a 14-year USD 567.5 mn export credit agency facility to fund \u201ccapital expenditures\u201d and a five-year\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":553911,"position":4},"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. The state-owned firm will use the financing to restructure its short-term USD overdrafts into longer-term loans and to\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\/260.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614417,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/giza-systems-vas-are-getting-usd-175-mn-from-local-gulf-banks-tanmeyah-is-in-line-for-usd-10-mn-from-the-ebrd\/","url_meta":{"origin":553911,"position":5},"title":"Giza Systems, VAS are getting USD 175 mn from local, Gulf banks + Tanmeyah is in line for USD 10 mn from the EBRD","author":"enterpriseam admin","date":"1 February 2024","format":false,"excerpt":"ADIB led the transaction and its investment banking arm ADI Capital was financial advisor","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\/2024\/2\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553911","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=553911"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553911\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553912"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553911"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553911"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}