{"id":595587,"date":"2023-08-09T00:00:00","date_gmt":"2023-08-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/kharafi-national-borrows-egp-1-65-bn-to-expand-in-the-local-market\/"},"modified":"2023-08-09T00:00:00","modified_gmt":"2023-08-09T00:00:00","slug":"kharafi-national-borrows-egp-1-65-bn-to-expand-in-the-local-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/kharafi-national-borrows-egp-1-65-bn-to-expand-in-the-local-market\/","title":{"rendered":"Kharafi National borrows EGP 1.65 bn to expand in the local market"},"content":{"rendered":"

DEBT- <\/strong><\/p>\n

Kharafi National has secured a syndicated shariah-compliant loan worth EGP <\/strong> 1.65 bn from local <\/strong> lenders, <\/strong>ADI Capital,the transaction\u2019s financial advisor, said in a<\/a> press<\/a> release (pdf)<\/a> yesterday. The funding will be used to finance the contractor\u2019s working capital in the Egyptian market, the press release reads. Kharafi National<\/a> is a Kuwait-based subsidiary of Saudi Al Kharafi Group.<\/p>\n

Advisors- <\/strong>Abu Dhabi Islamic Bank\u2019s (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. <\/p>\n

NBFS- <\/strong><\/p>\n

Fawry Microfinance to tap the SME market: <\/strong> 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<\/a> disclosure<\/a> (pdf)<\/a> 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. <\/p>\n

COMMODITIES- <\/strong><\/p>\n

GASC buys more Russian wheat: <\/strong> GASC bought 235k tons of wheat from Russia in an international tender yesterday, Reuters<\/a> 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<\/a>. The price GASC paid was not disclosed. <\/p>\n","protected":false},"excerpt":{"rendered":"

ADI Capital was the financial advisor on the loan<\/p>\n","protected":false},"author":1,"featured_media":595588,"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":[7209],"tags":[111,317,130,88,72,519,76,550,595,287,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-commodities","tag-construction","tag-debt-watch","tag-enterpriseam","tag-fawry","tag-financial-regulatory-authority","tag-gasc","tag-non-banking-financial-services","tag-smes","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"bb2c0c4f-396e-4ea6-b43f-a72cb2b386f7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/421.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Kharafi National borrows EGP 1.65 bn to expand in the Egyptian market. 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The syndicate also includes the Export Development Bank of Egypt, the Arab Investment Bank, Industrial Development and\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":608178,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/elsewedy-and-al-kharafi-grab-electricity-transformer-station-contracts\/","url_meta":{"origin":595587,"position":3},"title":"Elsewedy and Al Kharafi grab electricity transformer station contracts","author":"enterpriseam admin","date":"16 October 2023","format":false,"excerpt":"The government has EGP 7 bn project to establish nine transformer stations in partnership with the private sector","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/779.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573313,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/","url_meta":{"origin":595587,"position":4},"title":"Kharafi National lands EGP 775 mn maintenance contract with Cairo Airport","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Kharafi National has signed a EGP 775 mn contract with Cairo International Airport to provide maintenance and operational checks at the Terminal 2 building, Executive Manager Elia Saber said, according to Al Shorouk. Kharafi National is a Kuwait-based subsidiary of Saudi Al Kharafi Group.","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609494,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/06\/schneider-is-investing-eur-8-mn-in-the-local-market-before-year-end-plus-prime-vestas-petrochemical-industry-kharafi-cofra-heliopark\/","url_meta":{"origin":595587,"position":5},"title":"Schneider is investing EUR 8 mn in the local market before year end. 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