This debt facility is one of a few debt transactions currently in the market, demonstrating banks' increased interest in Egypt
State-run Egyptian Electricity Holding Company (EEHC) has completed a $900 million syndicated loan.
The debt facility was coordinated by Credit Suisse and HSBC and it was marketed to other banks at around $700 million but given banks' oversubscription the size has been raised to $900 million, reported Reuters.
Egypt’s business conditions are slowly improving under a three-year IMF loan programme tied to fiscal and economic reforms.
The other deals include a $600 million loan for National Bank of Egypt (NBE), arranged by a group of lenders comprising NBE, HSBC, Standard Chartered, Citi, Emirates NBD, Bank ABC, and Rakbank. The loan is now being syndicated to a larger group of banks.
Banque Misr, the country's second largest bank, will also follow with a $500 million loan coordinated by Citigroup, reported Reuters.