Finance in Motion arranging USD 75 mn loan to unnamed bank
NBFS players and renewable energy projects could soon be in line for a piece of a USD 75 mn facility Finance in Motion is providing to an unnamed local bank for on-lending, Egypt country head Mohamed Morsy told Al Mal. The facility could be made available as soon as next month through its Green for Growth and Sanad funds. The Germany-based impact investor had earlier this year said it expects to invest USD 100 mn into Egypt projects in 2021 through its two funds, with a focus on small-scale solar plants and energy conservation projects. Finance in Motion provides funds to banks that are on-lent to players in agriculture, low-income housing, renewable energy, with a focus on MSMEs. They also directly finance non-banking financial sector companies focused on financial inclusion.
OTHER DEBT NEWS- Egypt’s Canal Sugar Company has signed a USD 50 mn export financing agreement with the Saudi Fund for Development (SFD), as part of the fund’s contribution towards the USD 1 bn project — 30% of which will be financed by company shareholders, while the remainder will come through local and international banks, according to a statement.