DEBT-

Kharafi National has secured a syndicated shariah-compliant loan worth EGP 1.65 bn from local lenders, ADI Capital,the transaction’s financial advisor, said in a press release (pdf) yesterday. The funding will be used to finance the contractor’s working capital in the Egyptian market, the press release reads. Kharafi National is a Kuwait-based subsidiary of Saudi Al Kharafi Group.

Advisors- Abu Dhabi Islamic Bank’s (ADIB) investment banking arm ADI Capital acted as the sole financial advisor, escrow agent, and promoter for the transaction, while Al Baraka Bank, the Egyptian Arab Land Bank (EALB), and Midbank were the lead co-arrangers. Housing and Development Bank and Attijariwafa Bank also acted as arrangers. All of those banks also subscribed to the loan.

NBFS-

Fawry Microfinance to tap the SME market: Fawry subsidiary Fawry Microfinance has received preliminary approval from the Financial Regulatory Authority (FRA) to offer financing to small and medium enterprises (SMEs), it said in an EGX disclosure (pdf) yesterday. Fawry Microfinance plans to launch its SME financing service later this year, which it says will allow it to reach new and underserved markets across the country.

COMMODITIES-

GASC buys more Russian wheat: GASC bought 235k tons of wheat from Russia in an international tender yesterday, Reuters reports, citing a statement from the state grain buyer. Some 175k tons will be delivered between 15-30 September, while the remaining quantity is scheduled for delivery between 1-15 October. The grain was bought on a free-on-board basis. The price GASC paid was not disclosed.

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