MIDBANK has contributed EGP 300m to the Islamic syndicated funding worth EGP 1.65bn to Kharafi National. The funding aims to support the requirements of the company’s working capital and the growth of its business in Egypt.
This step comes within the framework of MIDBANK’s strategy, which gives great attention to boosting the joint loan portfolio. It is part of its keen participation in supporting and funding all vital sectors in the Egyptian market to support the national economy and achieve the Egypt vision 2030 for sustainable development.
In addition to MIDBNK, five Egyptian banks participated in the funding, namely Abu Dhabi Islamic Bank – Egypt, as the main arranger and also the financing and guarantee agent, Al Baraka Bank – Egypt, Egyptian Arab Land Bank, the Housing and Development Bank (HDB), and Attijariwafa Bank – Egypt.
“With this funding, we support the efforts of Al-Kharafi National in implementing and managing many major projects in Egypt. We also support its investments in many major development sectors, such as contracting, construction, infrastructure, and energy. It targets supporting the expansion plans in the Middle East and Africa,” said Eman Abo Zeid, head of the credit sector at MIDBNK.
She stressed MIDBANK’s constant keenness on cooperating with various financial institutions to fund projects and provide support to vital sectors. This comes within the framework of the bank’s strategy to provide integrated banking services, and its commitment to implementing CBE’s initiatives to support various economic and service sectors, in a way that contributes to achieving the country’s development goals.
It’s worth noting that Al-Kharafi National is one of the largest companies operating in the Egyptian market in the integrated contracting sector, such as infrastructure works, public utilities, water and sewage networks, gas and fuel, construction and operation of power stations, electromechanical works and general contracting.