More details on the IFC’s USD 150 mn loan to Elsewedy Electric: First Abu Dhabi Bank and Europe Arab Bank are participating in the USD 150 mn loan from the International Finance Corporation (IFC) to Elsewedy Electric, the IFC said in a statement (pdf) last week. Elsewedy will mainly direct the funds towards acquiring solar projects as well as “capex maintenance” and improving its manufacturing facilities, as well as some refinancing of prior acquisitions, Elsewedy said in a fresh statement (pdf). The company will acquire renewable energy plants outside of Egypt using the loan, company VP and CFO Sherif Elzeiny told CNBC Arabia last week. Sharkawy and Sarhan acted as local counsel to the IFC, they said in an email.

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A banking consortium is considering a EGP 6 bn syndicated loan to Redcon Construction subsidiary ROCC, Chairman Tarek El Gamal confirmed to Enterprise, without disclosing the names of the banks involved. The loan would go towards financing the construction of the company’s Golden Gate project in New Cairo, the first phase of which will cost some EGP 12 bn. Al Shorouk reported last week that the National Bank of Egypt, Banque Misr, Banque du Caire and Arab African International Bank are among the banks considering contributing to the syndicated loan, citing unnamed sources.

The European Bank for Reconstruction and Development (EBRD) is granting Hassan Allam Holding a EGP 180 mn loan, in part to finance the company’s stake in an unnamed FMCG e-commerce and distribution platform, according to the lender’s website.