Assiut expansion: Egypt’s bank-to-bank benchmark

In:

Oil & gas

Region:

Middle East & Africa

Eavie Burnett

Head of Content

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Egypt’s $2.8 billion Assiut oil refinery expansion project is due to close an ECA-backed loan this year after pandemic-related delays to the deal. The project sponsor opted for a rare local bank-to-bank tranche from a pool of first class Egyptian banks, which lenders are still trying to wrap their heads around, and could add to the already lengthy deal gestation.