DUBAI, 24th January, 2025 (WAM) -- The Arab Republic of Egypt, acting through the Ministry of Finance, has successfully signed a US$2 billion Syndicated Facility.

Emirates NBD Capital Limited, the investment banking arm of Emirates NBD, and Standard Chartered served as Global Coordinators, Initial Mandated Lead Arrangers and Bookrunner (IMLABs), acting both individually and collectively in these roles.

The Syndicated Facility aligns with Egypt's strategy to diversify sources of funding through access to international and regional syndicated loan market.

The proceeds of the Facility would primarily be utilised to finance country's budgetary requirements and support the country in safeguarding its strong economic path in the prevailing volatile global markets, while maintaining a decreasing debt trajectory as this facility follows the successful full settlement of US$3 billion Syndicated Facility in November 2024.

The Facility was anchored by the IMLABs and was launched to a select group of Islamic and Conventional investors in general syndication. Concluding a super successful deal in a record time, the transaction received an overwhelming response from the market with more than 2.5 times oversubscription.

The Borrower chose to exercise the green-shoe option to upsize the Facility to US$2 billion from the size at launch of US$1.5 billion, post scale-back. The success of this transaction reiterates the strong regional and international investor confidence in the Egyptian economy, and its progressive credit story.

Ahmed Kouchouk, Minister of Finance, Arab Republic of Egypt, commented, "We are proud of the appetite and interest received from regional and international banks in the syndication. This US$2 billion syndicated facility underscores Egypt's resilience and the confidence of our economic reforms. Egypt continues to diversify its funding sources by leveraging regional financing opportunities, within a disciplined fiscal plan to maintain economic stability as well as fiscal and debt sustainability. Emirates NBD and Standard Chartered have demonstrated exceptional expertise in successfully closing this transaction."

Hitesh Asarpota, CEO of Emirates NBD Capital, commented, "We are honored to have once again facilitated syndicated financing for Egypt and take pride in our expertise in offering financing solutions to support Egypt's development priorities. The success of this issuance highlights Egypt's strong position among emerging markets and the increasing confidence of cross-border investors in its economic outlook."

Commenting on the issuance, Mohammed Gad, Chief Executive Officer, Standard Chartered Egypt, said, "Following the launch of our operations in Egypt, we are delighted to be part of this landmark transaction. As the largest and most diversified emerging market in the MENA region, Egypt holds significant strategic importance for Standard Chartered, and this successful issuance underpins our commitment to the country and aligns with our efforts to advancing the growth of the Egyptian economy while achieving the objectives outlined in Egypt's Vision 2030. What a remarkable way to close 2024."