Egypt, Cairo October 2022:In line with national directions and Central Bank of Egypt’s initiatives supporting the industrial sector to ensure achieving sustainable development and economic growth, Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) announced its participation in a syndicated loan to Elsewedy Electric Group. ABK-Egypt took part as the second largest share among seven other Banks, contributing with an estimated share of EGP 400 Million from a total of EGP 2 Billion multipurpose syndicated loan to finance the activities of Elsewedy Electric Group subsidiaries and support the group’s 3-year plans for expansion and growth, facilitating workflow and importing of raw material. The funding was offered at an 8% interest rate over a repayment period of 36 months.

It is worth mentioning that ABK-Egypt has achieved remarkable growth rates on its Total Gross Loans Portfolio marking an increase of 13% in June 2022 to reach EGP 30.85 Billion compared to EGP 27.4 Billion in December 2021. These results reflect ABK-Egypt’s solid business growth and very strong performance based on the ambitious strategy adopted since it started its operation in the Egyptian market. The Bank will continue to support its customers from large corporates through providing them with multi-purpose financing to best meet their business needs and objectives and enable them to capably operate in these challenging local and global economic climates.