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Sharia-compliant facilities for Giza Systems, VAS: Local tech consultancy firm GizaSystems and its subsidiary VAS Integrated Solutions have secured a number of Sharia-compliant syndicated credit facilities from several local and Gulf banks totalling USD 175 mn — split between USD 84 mn and EGP 2.82 bn — Giza Systems’ majority ownersolutions by STC said in a Tadawul disclosure.
The breakdown: The agreements include medium- and short-term facilities — USD 48 mn and EGP 1.1 bn five-year facilities and USD 36 mn and EGP 1.8 bn one-year facilities. Solutions is guaranteeing the whole package.
Who’s doling out the funds? Abu Dhabi Islamic Bank (ADIB), Bank ABC Egypt, Credit Agricole, Emirates NBD, Arab Bank, Abu Dhabi Commercial Bank (ADCB), Ahli United Bank, and Al Baraka Bank are all partaking in the EGP facilities. Meanwhile, Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE will provide the USD facilities.
Advisors: ADIB led the transaction and its investment banking arm ADI Capital was financial advisor.
TANMEYAH SECURES EBRD FUNDING-
Tanmeyah is getting USD 10 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) will be granting EFG Holding’s microfinance arm Tanmeyah the EGP equivalent of up to USD 10 mn — EGP 309 mn according to the official exchange rate — through two USD 5 mn senior unsecured loan to be on-lent to micro, small, and medium enterprises (MSMEs), the bank said in two separate statements (here and here).
Loan 1: The first loan will target local MSMEs with a focus on undeserved segments with limited access to finance — 50% of the loan will go towards women-led or owned businesses, especially those outside Greater Cairo and Alexandria.
Loan 2: The second loan will be disbursed in two EGP 77-mn tranches and will be used for on-lending to private agriculture MSMEs in a “gender-responsive manner.” At least 70% of the loan will go to investments that fall under the EBRD’s Green Economy Transition.
Lots of EBRD funding to go around: This month, the multilateral lender completed its review for a proposed USD 75 mn equity investment into Hassan Allam Utilities’ green projects — the funding should be approved on 21 February. It also started disbursing a senior loan of up to USD 50 mn for Turkish home appliances retailer Beko’s USD 100 mn home appliance factory in the 10th of Ramadan.
