Orascom seeks $2bn refi as Egypt starts to return

Despite a sovereign financing crisis that has pushed the country to the brink of a deal with the IMF, Egypt’s companies are starting to make headway in returning to the international capital markets. Parts of the Orascom conglomerate are now negotiating a $2bn plus refinancing with banks co-ordinated by Citi, while the state owned Egyptian General Petroleum Corporation recently signed a $150m best efforts loan led by Crédit Agricole.