Press Releases

Sarie-Eldin & Partners legal Advisors represents Abu Dhabi Islamic Bank, National Bank of Egypt and Arab African International Bank in the Islamic Syndicated Facility of up to EGP 1.2 Billion granted to Evergrow

Sarie - Eldin & Partners is pleased to announce that Evergrow for Specialized Fertilizers Company has obtained a long-term Islamic syndicated facility of up to one billion two hundred and fifteen million Egyptian pounds from a consortium of banks, which includes Arab African International Bank, Abu Dhabi Islamic Bank and National Bank of Egypt, to finance the establishment of the Evergrow factory in Sadat Industrial Zone.

The office represented the banks in the original financing agreements in 2015 to finance 70% of the investment cost required for the new Company’s plant. The office also represented the parties in increasing the funding for the expansion of the Company and increasing its production capacity through the addition of new units for the production of potassium phosphate, sulfuric acid, calcium chloride, phosphoric acid and calcium phosphate.

"We are delighted that we have successfully assisted the Banks in completing the process of granting one of the largest finances, which will contribute to the establishment of this imporatant project and increasing the Company's productive capacity and expanding its business in the Egyptian market as one of the largest entities in this strategic sector since 2006," said Amira Sherif - Partner.

"This transaction is very important as it is one of the first deals under the Islamic structure of Istisna'a followed by Ijarah Mawsufah fel Dhimah, which is an Islamic form of finance in the Egyptian market, perfectly suitable for financing the establishment of green project" said Amira Sherif.