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Mashreq concludes $88m facility deal for Agrobank

Mashreq concludes $88m facility deal for Agrobank
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Dubai – Mubasher: Mashreq Bank has closed a $88 million facility for joint-stock commercial bank Agrobank, according to a press release.

The one-year syndicated term loan was initially launched at $50 million and closed at $88 million due to the positive market interest from investors in the Middle East, Europe, and the CIS region.

Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.

The transaction, which was oversubscribed by 75%, marks the first for an Uzbekistan state-owned bank in the MENA region. Its proceeds will be used for general corporate purposes.

Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said: “The collaboration reinforces Mashreq’s commitment to fostering growth in emerging markets and supporting small businesses operating in vital sectors, such as agriculture.”

The facility will enable Agrobank to enhance its funding base and access new pools of liquidity. 

Agrobank is directly controlled by the government through the Ministry of Finance and the Uzbekistan Fund for Reconstruction and Development (UFRD).

The bank has a large distribution network with 171 branches, 183 mini-banks, and 346 cash offices located across the country. It serves 3.6 million clients, including small businesses, commercial and agricultural enterprises, farmers, and individuals.