{"id":547706,"date":"2022-07-04T04:19:13","date_gmt":"2022-07-04T04:19:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan\/"},"modified":"2022-07-04T04:19:13","modified_gmt":"2022-07-04T04:19:13","slug":"fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan\/","title":{"rendered":"FAB + Europe Arab Bank to contribute to Elsewedy\u2019s USD 150 mn IFC loan"},"content":{"rendered":"<p><strong>More details on the IFC\u2019s USD 150 mn loan to Elsewedy Electric: <\/strong>First Abu Dhabi Bank and Europe Arab Bank are participating in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec0cf317-9d7f-4017-8bd4-09d0ae261849\">USD 150 mn loan<\/a> from the International Finance Corporation (IFC) to Elsewedy Electric, the IFC said in <a href=\"https:\/\/ent.news\/2022\/6\/Joint-EE-IFC-Press-Release-En.pdf\">a statement (pdf)<\/a> last week. Elsewedy will mainly direct the funds towards acquiring solar projects as well as \u201ccapex maintenance\u201d and improving its manufacturing facilities, as well as some refinancing of prior acquisitions, Elsewedy said in a fresh <a href=\"https:\/\/ent.news\/2022\/6\/EE-IFC-Announcememt-28-Jun-22-En.pdf\">statement (pdf)<\/a>. 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.<\/p>\n<p><strong>MORE DEBT NEWS-<\/strong><\/p>\n<p><strong>A banking consortium is considering a EGP 6 bn syndicated loan to Redcon Construction subsidiary <\/strong><strong><a href=\"https:\/\/rocc.com.eg\/\">ROCC<\/a><\/strong>, 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\u2019s Golden Gate project in New Cairo, the first phase of which will cost some EGP 12 bn. <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=02072022&id=70685e24-5f44-421f-9361-a68d1c2d6748\">Al Shorouk<\/a> 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.<\/p>\n<p><strong>The European Bank for Reconstruction and Development (EBRD) is granting Hassan Allam Holding a EGP 180 mn loan<\/strong>, in part to finance the company\u2019s stake in an unnamed FMCG e-commerce and distribution platform, according to the lender\u2019s <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53199.html\">website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More details on the IFC\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,571,152,72,2118,882,890,759,1777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547706","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-ebrd","tag-elsewedy-electric","tag-enterpriseam","tag-europe-arab-bank","tag-first-abu-dhabi-bank","tag-hassan-allam-holding","tag-international-finance-corporation","tag-redcon-construction","wpautop","entry"],"acf":{"mongo_id":"3250ef32-75e4-4ffe-b459-ef5fb4018235","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547698],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FAB + Europe Arab Bank to contribute to Elsewedy\u2019s USD 150 mn IFC loan - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAB + Europe Arab Bank to contribute to Elsewedy\u2019s USD 150 mn IFC loan\" \/>\n<meta property=\"og:description\" content=\"More details on the IFC\u2019s 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. 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