Egypt: Elsewedy Electric ups credit facility deal with Afreximbank to $300mln

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The agreement was also signed with Elsewedy Electric for Transmission and Distribution Company and other subsidiaries of Elsewedy Electric as additional borrowers

Staff Writer, Mubasher

March 22, 2024

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Cairo – Elsewedy Electric Company’s board approved increasing a revolving facility agreement with the African Export-Import Bank (Afreximbank) to $300 million.

The agreement was also signed with Elsewedy Electric for Transmission and Distribution Company and other subsidiaries of Elsewedy Electric as additional borrowers, according to a bourse filing.

In October 2023, United Metals Company (UMC), a subsidiary of Elsewedy Electric, secured a $50 million loan from the European Bank for Reconstruction and Development (EBRD).

Elsewedy Electric’s consolidated net profit after minority interest leapt 86.70% year-on-year (YoY) to EGP 10.11 billion in 2023 from EGP 5.41 billion.

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