National Bank of Egypt (NBE), the oldest commercial bank in the country, has signed a $1 billion senior unsecured syndicated term loan facility.

The loan will be used for general corporate funding purposes and trade finance requirements of NBE.

"Following strong global demand from 19 institutions from across the globe, including from Western Europe, Asia, Africa and the Middle East, the facility was 1.7 times oversubscribed from the original launch amount of $750 million, at senior mandate level," according to a statement from NBE. 

While Emirates NBD Capital Limited, Mashreqbank PSC and Firstrand Bank Limited (acting through its Rand Merchant Bank Division) acted as the coordinators, Emirates NBD Capital Limited acted as the syndication agent.

(Writing by Seban Scaria; editing by Daniel Luiz)