Banque du Caire, the National Bank of Egypt (NBE), and seven other banks have joined forces to offer a syndicated medium-term facility up to EGP 10bn to Misr Petroleum Company.
Banque du Caire acted as lead arranger and underwriter, while NBE acted as the initial lead arranger, underwriter, finance marketer and finance agent in the banking alliance.
The Commercial International Bank (CIB) plays the role of the initial lead arranger, underwriter, finance marketer and debt service account bank. Qatar National Bank (QNB) plays the role of the initial lead arranger, underwriter, finance marketer and document bank. The Arab African International Bank (AAIB) plays the role of the initial lead arranger, underwriter, finance marketer and security agent.
The alliance also included the National Bank of Kuwait (NBK), MIDBANK, the Egyptian Gulf Bank (EG Bank) and the Agricultural Bank of Egypt (ABE) as underwriters, to finance the company’s activity and any other financial obligations.
Mohamed Maged, Chairperson of Misr Petroleum, said that this agreement is part of the company’s efforts to enhance its leading marketing position towards securing fuel supplies for the local and foreign markets.
Bahaa El Shafei, Deputy CEO of Banque du Caire, said that the bank’s participation in this financing shows its continued commitment to supporting and assisting vital sectors, most notably the petroleum sector, which contributes to meeting the petroleum needs of the local market.
He added that the bank’s role in financing as a main arranger and guarantor of coverage shows the bank’s extensive experience in the field of joint financing, which resulted in Banque du Caire’s participation in most of the financing operations implemented throughout the year.
