Egypt - Elsewedy Electric revealed that seven banks, led by Abu Dhabi Islamic Bank, arranged a syndicated loan of EGP 2bn to the company. The loan will finance the activities of the group’s subsidiaries, and the signing is scheduled for Tuesday.

The seven banks’ contributions in the loan came as follows: EGP 100m from Abu Dhabi Islamic Bank, EGP 500m from Al Baraka Bank, EGP 400m from the National Bank of Kuwait, EGP 300m from MIDBank, EGP 300m from the Industrial Development Bank, EGP 250m from the Agricultural Bank of Egypt, and EGP 150m from the Egyptian Arab Land Bank.

The loan will be offered with a diminishing 8% interest rate, and it comes within the initiative of the Central Bank to finance the industrial sector.

Elsewedy Electric’s revenues rose to EGP 38.96bn during the first half (1H) of this year, compared to EGP 26.01bn in the comparable period in 2021.

The company achieved a net profit of EGP 2.02bn in 1H 2022, compared to EGP 1.74bn in 1H 2021.

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