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SED secures EGP 4.4 bn to fund New Cairo project: New Urban Communities Authority and Saudi Finance Ministry JV Saudi Egyptian Developers (SED) has secured EGP 4.4 bn from a syndicate of eight banks led by FABMisr, according to a statement (pdf). The loan was 1.5 times oversubscribed and will fund a portion of the investment costs of the developer’s EGP 25 bn mixed-use Central project in New Cairo.
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The breakdown: FABMisr — which led the syndicate as the primary lead arranger and financing agent — contributed the largest share of the loan with EGP 800 mn, followed by Emirates NBD at EGP 750 mn, Amwal Al Ghad reports, citing banking sources. Abu Dhabi Commercial Bank Egypt and Arab Bank each provided EGP 650 mn, while the Housing and Development Bank and EG Bank allocated EGP 500 mn each. Midbank added EGP 300 mn, while Al Baraka Bank contributed EGP 200 mn.
The loan will allow SED to fast-track construction, with delivery expected within 3-4 years, company CEO Mohamed El Taher told Asharq Business. Project investments have reached over EGP 26 bn, with sales exceeding EGP 36 bn, El Taher added.
Advisors: Matouk Basiouny & Hennawy served as legal advisor to the lenders, while White & Case acted as legal counsel to the borrower.
GUARANTEES FROM THE EBRD-
EBRD to help CIB boost SME lending: The European Bank for Reconstruction and Development (EBRD) will provide a EUR 25 mn unfunded financial guarantee for CIB to boost SME lending in Egypt, the lender said on its website. The agreement has passed the final review and is pending approval.
The details: The agreement will see the EBRD guarantee 50% of a portfolio worth up to EUR 50 mn of SME sub-loans that CIB will issue over the next five years, allowing the bank to expand its lending capacity nationwide.
DIG DEEPER- September’s EnterpriseAM Finance Forum brought together some of the brightest minds in SME financing to discuss new and existing efforts to finance these higher-risk enterprises.
