Keywords: Banking & Finance, Financial Institutions

We are delighted to announce that we advised our client IFC in relation to the USD 150 million loan granted to ELSEWEDY ELECTRIC.

The loan will support the expansion, modernization, and enhancement of Elsewedy’s sustainable manufacturing operations, and increase access to renewable energy in several countries across Africa.

We are pleased to have collaborated with our friends at Allen & Overy who acted as international counsel to IFC on this transaction. Our team was led by Banking & Finance Partner Ahmed Haggag and assisted by Associate Raghda El Qabbage.

Press coverage:

https://www.zawya.com/en/press-release/companies-news/ifc-partners-with-elsewedy-electric-sae-k782g0r3

https://enterprise.press/stories/2022/06/29/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad-74985/

https://www.egypttoday.com/Article/3/117279/IFC-lends-ElSewedy-Electric-150M-to-develop-solar-energy-projects

https://www.pv-magazine.com/2022/07/01/ifc-announces-150-million-credit-line-with-focus-on-african-solar/#:~:text=Share-,International%20Finance%20Corp.,solar%20generation%20capacity%20in%20Africa.

https://renewablesnow.com/news/egypts-elsewedy-secures-usd-150m-for-solar-projects-790093/