QNB Al Ahli - Solidarity Loan (EBRD-52008)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 6, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
QNB Alahli
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 5, 2020

Disclosed by Bank May 4, 2020


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Project Description

According to bank provided information, this project was approved as part of the Bank's response to the COVID-19 pandemic.  To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

The investment is provision of a senior unsecured loan to QNB Alahli ("QNBAA") of up to USD 100 million, under the Bank's Resilience Framework ("RF"). Proceeds of the proposed loan will be on-lent to local private Small and Medium Enterprises ("SMEs"), and to Corporates to cover financing needs that may arise as a result of the Covid-19 outbreak.

The proceeds of the loan will help QNBAA in providing funding to local SMEs and Corporates experiencing either a decrease in their activity, turnover and/or profitability, in turn leading to delays in payments and potential defaults, or growing capacity needs due to a significant fluctuation in demand in particular sectors.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Financial Intermediary
Private Actors
Private Actors Description

QNBAA is a commercial bank incorporated in Egypt. It is the fourth-largest Egyptian bank by asset size and the second largest private bank. The bank recorded assets of EUR 15.2bn with market shares of 4.7%, 8.1% and 4.9% by assets, loans and deposits, respectively, as of YE2019. It is 94.97% controlled by Qatar National Bank QPSC (Qatar).

Contact Information

Sally HAMDALLA
Sally.HAMDALLA@QNBALAHLI.COM
+ 202 2770 7321
www.qnbalahli.com 
QNB ALAHLI Dar Champollion, 5 Champollion st. down town P.O.Box 2664, Cairo Egypt

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.