Banque Misr, Egypt’s second largest state-owned bank, hired an international bank to manage a USD500mn medium-term syndicated loan as part of the bank’s plan to fund growth through low-cost debt, according to Chairman Mohamed El-Etreby. He added that the bank decided to postpone plans to issue international bonds to next year and rely on international loans in order to capitalise on favourable interest rates. El-Etreby said the bank is working with the financial adviser to find lenders to underwrite the loan, without naming the adviser, which it hopes to secure in 3Q18.