According to bank documents, the overarching objective of the project is to finance the development of active Egyptian corporates including SMEs, which will contribute to the attainment of the Bank's priorities and align with Egypt vision 2030. The facility will be used specifically to fund targeted new transactions linked to the Bank Hi5's priority agenda with emphasis on agribusiness and food industries, ICT, health, transport, tourism, clean energy, and manufacturing related transactions.
The proposed operation involves a facility in form of a Senior Loan of up to USD 15 mln to support the Corporate Leasing Company ("Corplease") expansion of leasing financing in Egypt for local corporates, including SMEs. Corplease is a private joint stock company incorporated in December 2003 by Commercial International Bank (CIB) Egypt, DEG (Germany) and Union de Banques Arabes et Francaises. Since then, it has grown remarkably and established itself as a market leader in the leasing market in Egypt. The proposed facility will expand Corplease footprint in the local market, increase its competitive advantage by elongating the tenor of its financial services and lowering its cost of fund, and will target the most vital sectors in Egypt. The proposed support will enhance Corplease capacity to deliver on its strategic agenda, thereby benefitting numerous local corporates, including SMEs currently active in Egypt's real economy. The facility will complement the Egyptian government and the AfDB efforts to create jobs, stimulate growth and create robust and self-sustaining financial markets. The transaction will assist an active player on the Egyptian capital market and a prominent leasing services provider in the country. It will therefore enable the company fund its projects pipeline and thus expand its leasing portfolio in Egypt on competitive terms.
*Contact information not provided at the time of disclosure*
ACCOUNTABILITY MECHANISM OF AfDB
The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing email@example.com, firstname.lastname@example.org, email@example.com, and/or firstname.lastname@example.org. You can learn more about the IRM and how to file a complaint at https://www.afdb.org/en/independent-review-mechanism/.