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The European Bank for Reconstruction and Development (EBRD) is extending a USD 15 mn (c. EGP 795 mn) senior loan to GlobalCorp for Financial Services to back local micro, small, and medium-sized enterprises (MSMEs), according to the lender’s project disclosure. Issued under the bank’s Financial Intermediaries Framework, the facility aims to strengthen GlobalCorp’s balance sheet and fund the expansion of its MSME leasing and factoring book, with a specific focus on clients outside Cairo.
Why this matters: This fresh credit line lands just weeks after we reported that GlobalCorp’s anchor shareholders are lining up to exit the company entirely. Amethis, SPE Capital, and the EBRD — which together bought a 90% stake in GlobalCorp for EGP 914 mn in 2022 — are now shopping a sale that could value the company at USD 200 mn (EGP 10.7 bn) and see up to 100% of shares change hands. It’s notable that the EBRD is preparing to exit its 21.9% equity position while injecting fresh, long-term debt into the very same company.
IN CONTEXT- The facility is the latest entry in the EBRD’s sustained campaign to plug the country’s SME financing gap. In January, it signed an EGP 1.3 bn green financing agreement with Ibnsina Pharma to fund an EDGE-certified logistics warehouse — just a year after fully exiting its equity position in the company. In March, the bank extended a USD 50 mn SME-focused package. Last month, it directed an EGP 600 mn loan to fintech platform Valu to finance household purchases of solar power and EV-related products.
More desert wheat
UAE agribusiness firm Al Dahra’s Egypt arm supplied 45k tons of wheat to the government this season for EGP 750 mn, up 12.5% by volume and 28.6% by value y-o-y, Al Arabiya reports. The company sold its entire wheat output to the state in EGP, with this season’s price rising to around EGP 16.66k per ton from EGP 14.6k last year.
IN CONTEXT- The government is aiming to buy 5 mn tons of local wheat this season after raising the procurement price to as much as EGP 2.5k per ardeb, while recent data put domestic collections at more than 4.6 mn tons by mid-June. Al Dahra told EnterpriseAM in 2024 it planned to invest USD 230 mn to expand its land portfolio in Egypt and fund reclamation, with strategic crops — including wheat — at the heart of its local plan. This aligns with recent reports that Al Dahra reclaimed 1k new feddans within its 37k-feddan Toshka footprint and is currently negotiating with the Egyptian government to acquire even more land in the region.
