Confirming what banking sources said to CNBC Arabia, Emirates NBD announced the Egyptian Ministry of Finance’s request to finance about two billion dollars from a green syndicated loan in the first green loans which Cairo obtains within the framework of the green credit facilities in addition to an Islamic credit facility.
Earlier, the sources indicated that the Egyptian Ministry of Finance had appointed Emirates NBD and First Abu Dhabi Bank as coordinators of the loan to be obtained.
A few weeks ago, Cairo raised about $3 billion from the first appearance in the global debt markets in the new fiscal year, which began in early July.
The sources added that the financing that Cairo will obtain will be distributed at about 1.5 billion dollars as a green joint loan, which is expected to be used to finance projects that adhere to environmental standards.
The Islamic financing that Egypt will obtain will amount to about $500 million, which will be used for general financing purposes.
In August last year, Cairo also raised about $2 billion through a syndicated loan.