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Tuesday, 27 September 2022

Elsewedy Electric secures EGP 2 bn in Islamic financing

Elsewedy Electric has secured EGP 2 bn in Islamic financing from a banking consortium led by Abu Dhabi Islamic Bank (ADIB), according to a statement (pdf). The financing will help the company and its subsidiaries expand activities, the statement read.

Who else is involved? Al Baraka Bank, Al Ahli Bank of Kuwait, Industrial Development Bank, MidBank —- which is contributing EGP 300 mn (pdf) —- Agricultural Bank of Egypt and Egyptian Arab Land Bank all took part in the facility. The funding has a 36-month repayment period at an 8% interest rate, Al Baraka Bank said in a statement (pdf).

Advisors- ADIB’s investment banking arm ADI Capital acted as the sole financial advisor, escrow agent and promoter for the transaction, while Sarie Eldin & Partners was counsel for the lenders.

What they said: “This financing will support the group’s plans for expansion and growth during the coming period, facilitate workflow and importing raw materials,” Elsewedy CEO Ahmed El Sewedy said.

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