Egypt’s Elsewedy Electric Secures Islamic Financing Worth EGP 2 Billion Via ADIB Investment Banking Arm 

Egypt’s Elsewedy Electric Secures Islamic Financing Worth EGP 2 Billion Via ADIB Investment Banking Arm 

https://islamicmarkets.com/articles/egypt-s-elsewedy-electric-secures-islamic-financing-worth-egp-2-billion
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ADI Capital, Abu Dhabi Islamic Bank-Egypt's (ADIB-Egypt) investment banking arm, has announced the successful completion of an EGP 2 billion (USD 102.3 million) joint Islamic financing agreement to support Egypt-based Elsewedy Electric’s affiliate companies on the 27th of September 2022.

Why it Matters?

A banking consortium led by ADIB will provide the financing which will be channelled by Elsewedy Electric for the expansion of its activities as well as those of its subsidiaries, covering working capital needs, facilitating workflow, and the import of raw materials. According to Chief Executive Officer (CEO) and Managing Director of ADIB-Egypt, Mohamed Ali, the financing, once completed, is set to support the provision of integrated energy soluti...