Egypt’s NBE Set to Raise $1 Billion to Refinance Debt

The National Bank of Egypt, the country’s largest lender, is close to finalizing a $1 billion loan from a group of banks, according to people familiar with the matter.

NBE has upsized and tightened pricing on the three-year facility that will be partly used to refinance existing debt, the people said, asking not to be identified because the information is private. The lender is seeking to narrow the margin to 230 points from 270 basis points.