June 16, 2020 / 12:37 PM / a month ago

Egypt looking to raise over $1 billion loan, taps UAE banks - sources

DUBAI, June 16 (Reuters) - The Egyptian government is looking to raise a loan of more than $1 billion and has tapped lenders in the United Arab Emirates (UAE) to arrange the financing, two sources familiar with the deal said.

Emirates NBD and First Abu Dhabi Bank are helping to arrange the loan and have reached out to other lenders as well, the sources said.

The Egyptian government, Emirates NBD and FAB did not immediately respond to requests for comment. The sources declined to be named because the information is not public.

The financing plan comes as Egypt’s economy suffers from the impact of the coronavirus outbreak, which has badly hit its tourism and construction sectors.

Egypt’s foreign reserves declined by $1 billion in May as the COVID-19 crisis has squeezed some of the country’s main sources of foreign currency, especially tourism and remittances from workers abroad. (Reporting by Saeed Azhar, Davide Barbuscia; additional reporting by Yousef Saba and Patrick Werr; Editing by Alex Richardson)

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