Cairo – Mubasher: The Egyptian Ministry of Finance signed its first conventional and Islamic facility agreement worth $2 billion to finance the budget deficit and support the local economy.
The parliament previously approved the facility which was closed by Emirates NBD Capital Limited, the investment banking arm of Emirates NBD, and First Abu Dhabi Bank (FAB) as the global coordinators, initial manadated lead arrangers, and bookrunnders of the transaction, according to a statement on Monday.
Emirates NBD Capital acted as the documentation bank, while FAB was the global agent, facility agent, and investment agent.
The facility was oversubscribed by 1.75 times which led the finance ministry to increase the value of the facility to $2 billion from $1.5 billion.
Mashreq Bank, ABC Islamic Bank, Arab Banking Corporation, HSBC Bank Middle East, Standard Chartered, and Sumitomo Mitsui Banking Corporation acted as mandated lead arrangers and bookrunners.
In addition, the mandated lead arrangers include Gulf International Bank, Abu Dhabi Islamic Bank (ADCB), Al Ahli Bank of Kuwait (ABK) in the DIFC, Dubai Islamic Bank, Intesa Sanpaolo, Samba Financial Group, and Sharjah Islamic Bank.
Citibank in London and Emirates Islamic Bank were lead arrangers in the transaction.
