A consortium of seven banks agreed with the Egyptian General Petroleum Co. (EGPC) on providing a syndicated loan worth a total of EGP23.4bn, EGP10bn of which will be provided in local currency, while the rest will be provided in USD (USD750mn). The loan will be used in financing petroleum imports and in repaying a portion of EGPC’s debts to its foreign partners. The consortium includes National Bank of Egypt (NBE), Banque Misr, CIB, AAIB, QNB-Alahli, Credit Agricole-Egypt, in addition to First Abu Dhabi Bank (FAB), which will be arranging the USD-denominated tranche of the loan that includes other GCC banks.
 
CIB: EGP71.36 as of 5 Dec. 2018, Rating: Buy, TP: EGP105.00/share, MCap: USD4,662mn, COMI EY/COMI.CA
 
Credit Agricole: EGP39.96 as of 5 Dec. 2018, Rating: Buy, TP: EGP53.10/share, MCap: USD696mn, CIEB EY/CIEB.CA
 
First Abu Dhabi Bank (AD): AED13.78 as of 5 Dec. 2018, Rating: Neutral, TP: AED14.50/share, MCap: USD40,919mn, FAB UH/FAB.AD