{"id":614417,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/giza-systems-vas-are-getting-usd-175-mn-from-local-gulf-banks-tanmeyah-is-in-line-for-usd-10-mn-from-the-ebrd\/"},"modified":"2024-02-01T00:00:00","modified_gmt":"2024-02-01T00:00:00","slug":"giza-systems-vas-are-getting-usd-175-mn-from-local-gulf-banks-tanmeyah-is-in-line-for-usd-10-mn-from-the-ebrd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/giza-systems-vas-are-getting-usd-175-mn-from-local-gulf-banks-tanmeyah-is-in-line-for-usd-10-mn-from-the-ebrd\/","title":{"rendered":"Giza Systems, VAS are getting USD 175 mn from local, Gulf banks + Tanmeyah is in line for USD 10 mn from the EBRD"},"content":{"rendered":"

Sharia-compliant facilities for Giza Systems, VAS: <\/strong>Local tech consultancy firm Giza<\/a>Systems<\/a> and its subsidiary VAS Integrated Solutions<\/a> have secured a number of Sharia-compliant syndicated credit facilities from several local and Gulf banks totalling USD 175 mn \u2014 split between USD 84 mn and EGP 2.82 bn \u2014 Giza Systems\u2019 majority owner<\/a>solutions by STC<\/a> said in a Tadawul disclosure<\/a>.<\/p>\n

The breakdown: <\/strong>The agreements include medium- and short-term facilities \u2014 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. <\/p>\n

Who\u2019s doling out the funds?<\/strong> 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.<\/p>\n

Advisors:<\/strong> ADIB led the transaction and its investment banking arm ADI Capital<\/a> was financial advisor.<\/p>\n

\n

TANMEYAH SECURES EBRD FUNDING-<\/p>\n

Tanmeyah is getting USD 10 mn from the EBRD: <\/strong>The European Bank for Reconstruction and Development (EBRD) will be granting EFG Holding\u2019s microfinance arm Tanmeyah the EGP equivalent of up to USD 10 mn \u2014 EGP 309 mn according to the official exchange rate \u2014 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<\/a> and here<\/a>). <\/p>\n

Loan 1: <\/strong>The first loan will target local MSMEs with a focus on undeserved segments with limited access to finance \u2014 50% of the loan will go towards women-led or owned businesses, especially those outside Greater Cairo and Alexandria. <\/p>\n

Loan 2: <\/strong>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 \u201cgender-responsive manner.\u201d At least 70% of the loan will go to investments that fall under the EBRD\u2019s Green Economy Transition<\/a>. <\/p>\n

Lots of EBRD funding to go around: <\/strong>This month, the multilateral lender completed its review<\/a> for a proposed USD 75 mn equity investment into Hassan Allam Utilities\u2019 green projects \u2014 the funding should be approved on 21 February. It also started disbursing<\/a> a senior loan of up to USD 50 mn for Turkish home appliances retailer Beko\u2019s USD 100 mn home appliance factory in the 10th of Ramadan. <\/p>\n","protected":false},"excerpt":{"rendered":"

ADIB led the transaction and its investment banking arm ADI Capital was financial advisor<\/p>\n","protected":false},"author":1,"featured_media":614418,"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":[88,571,7107,72,932,1601,287,202],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-ebrd","tag-efg-holding","tag-enterpriseam","tag-giza-systems","tag-saudi-telecom-company","tag-smes","tag-tanmeyah","wpautop","entry"],"acf":{"mongo_id":"ac307932-efbb-4066-a7b9-21d4526fd353","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/7.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Giza Systems, VAS are getting USD 175 mn from local, Gulf banks + Tanmeyah is in line for USD 10 mn from the EBRD","related_issue":[614407],"teaser":"ADIB led the transaction and its investment banking arm ADI Capital was financial advisor","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.938dd4b9-567d-476b-a9bd-080fd2ef581c.mp3"},"yoast_head":"\nGiza Systems, VAS are getting USD 175 mn from local, Gulf banks + Tanmeyah is in line for USD 10 mn from the EBRD - 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