Emirates NBD Egypt, a unit of UAE-headquartered Emirates NBD, has signed a credit facility agreement worth over 20 billion Egyptian pounds ($423 million) with Egypt-based Elsewedy Electric to support the company’s regional expansion plans.

The facility will finance Elsewedy Electric’s expansion in energy and infrastructure sectors in Egypt, Saudi Arabia, and the UAE, the bank said in a press statement.

The transaction was overseen by Ramy Gobran, Group Treasury Director at Elsewedy Electric. Yasmine Nassar and Yara Khaled from Emirates NBD Egypt’s Large Corporates unit led the structuring and execution of the facility.

(1 US Dollar = 47.29 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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