The Clap
El Sewedy Electric (SWDY) signed a contract granting its subsidiaries a credit facility with the participation of 7 banks.
Credit Facility
A credit facility grants the company funds allowing it to withdraw funds when necessary without the need to apply for a new loan, as long as it is within the credit facility.
The Deets
The participating banks will be: Abu Dhabi Islamic Bank, Al Baraka Bank, Al Ahli Bank of Kuwait, Industrial Development Bank, Midbank, Agricultural Bank of Egypt, and Egyptian Arab Land Bank.
Why this Matters
The facility will be used to support El Sewedy Group’s expansion plans, facilitation of business, and importing of raw materials.
El Sewedy secures credit facility 🔦
