{"id":555717,"date":"2021-11-24T03:50:08","date_gmt":"2021-11-24T03:50:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/shut-up-and-take-my-money\/"},"modified":"2021-11-24T03:50:08","modified_gmt":"2021-11-24T03:50:08","slug":"shut-up-and-take-my-money","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/shut-up-and-take-my-money\/","title":{"rendered":"Shut up and take my money"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Have another USD 1 bn:<\/strong> 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0100e981-2f90-4995-bc2f-6d8bc0dbc15f\">USD 1 bn more<\/a> than originally anticipated, <a href=\"https:\/\/www.reuters.com\/markets\/us\/egypt-set-3-billion-loan-part-sustainable-projects-sources-say-2021-11-23\/\">Reuters<\/a> reported yesterday, citing sources familiar with the transaction.<\/p>\n<p><strong>Part-green, part-Islamic:<\/strong> The facility, which is being arranged by First Abu Dhabi Bank and Emirates NBD, will partly be used to fund green ventures and partly channeled into Shara-compliant projects. Local press reports last week suggested that the loan would be split 50\/50, with USD 1 bn being allocated to ESG projects and USD 1 bn going to Sharia-compliant investments. It\u2019s unclear how the USD 3 bn loan would be divided.<\/p>\n<p><strong>Back for more:<\/strong> Egypt took out a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000a6b27-901e-41be-895f-cf6ab6ee623f\">USD 2 bn 12-month loan<\/a> arranged by the two Gulf lenders in 2020, which it finished repaying earlier this year. The loan was taken out plug budget shortfalls and support the economy through the covid crisis, and was divided into a USD 1.5 bn conventional tranche and a USD 500 mn Islamic tranche.<\/p>\n<p><strong>Different terms:<\/strong> The new facility would be repayable over three-years, according to Reuters\u2019 sources.<\/p>\n<p><strong>No confirmation on who\u2019s involved:<\/strong> Sources told Reuters that a mixture of standard and Islamic banks are involved in the transaction but didn\u2019t disclose names. Local media said last week that 10 banks were involved: 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<p><strong>What\u2019s next?<\/strong> After the loan is finalized with the banking syndicate, it will head to the House of Representatives for approval.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 yesterday, citing sources familiar with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":555718,"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":[204,88,1060,72,882],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banking","tag-debt-watch","tag-emirates-nbd","tag-enterpriseam","tag-first-abu-dhabi-bank","wpautop","entry"],"acf":{"mongo_id":"bb7fca24-682d-41f2-8790-4cb7c1e0eab8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/580.jpg","photo_position":"above","related_issue":[555706],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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