Cairo – Global law firm Norton Rose Fulbright has advised a syndicate of lenders on a $1 billion senior unsecured term loan facility to the National Bank of Egypt (NBE), according to a press release.

The syndicate of lenders covered 19 financial institutions, including local, regional and international banks from Africa, Asia, the Middle East and Western Europe.

The facility was 1.7 times oversubscribed from the initial launch amount of $750 billion. It will be utilised by NBE for general corporate funding purposes and trade finance requirements.

Norton Rose Fulbright partner Nicholas Robinson said: “This syndicated facility was significantly oversubscribed, demonstrating the continued strength and buoyancy of the regional market, in addition to the credibility of Egypt’s sovereign credit rating.”

In May, the NBE obtained $119.5 from the European Bank for Reconstruction and Development (EBRD) to back Egyptian micro, small and medium-sized enterprises (MSMEs).

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