Egypt Signs First Conventional and Islamic Financing Facility of USD 2 Billion

Egypt's Ministry of Finance (MoF) signed its first conventional and Islamic financing facility on the 31st of August 2020, valued at USD 2 billion, it released in a statement. The facility was approved by Parliament to finance the state general budget and support its economy through the prevailing fluctuation of the global markets.

The MoF added that Emirates NBD's investment banking subsidiary Emirates NBD Capital acted as a documentation bank, with First Abu Dhabi Bank serving as a global agent as well as an agent for investment. Both Emirates NBD Capital and First Abu Dhabi Bank have been appointed to serve the functions of global co-ordinator and IPO manager in a joint capacity. According to the MoF, the response t...