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Egypt has secured a $2 billion syndicated facility as it seeks to diversify sources of funding through access to international and regional syndicated loan market.
The proceeds of the facility would be utilised to finance the country’s budgetary requirements.
Emirates NBD Capital Ltd. and Standard Chartered served as global coordinators, lead arrangers and bookrunner for the deal. The terms of the facility were not disclosed.
The Egyptian government chose to exercise the green-shoe option to upsize the facility to $2 billion from the planned $1.5 billion due to the strong response from the market, a statement from the banks said.
Egypt which is grappling with high inflation and a foreign currency shortage, reached a staff-level agreement with the IMF last month under its extended fund facility arrangement, potentially unlocking a $1.2 billion disbursement.
In its World Economic Outlook report released this week, the IMF estimated the Egyptian economy would grow by 3.6% this fiscal year and by 4.1% in 2025/26.
(Writing by Brinda Darasha; editing by Seban Scaria)
