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IFC supports Elsewedy Electric with $150M in fund

IFC supports Elsewedy Electric with $150M in fund

Arab Finance: The International Fund Corporation (IFC) will support Elsewedy Electric (SWDY) with a loan worth $150 million, according to an emailed press release on June 29th.

The secured amount in funds will help Elsewedy Electric to expand its footprint in renewable energy across Africa and develop its sustainable manufacturing operations.

With First Abu Dhabi Bank (FAB) and Europe Arab Bank as participants, the loan will be directed to financing the company’s development or acquisition of solar energy projects.

This will help Elsewedy to boost its existing energy efficiencies, as well as globally increase its competitive edge.

“This announcement demonstrates our commitment towards our robust expansion and growth plans which meet our strategic vision and goals. Doing this in accordance with IFC standards and guidelines will serve as a benchmark for other regional and international players, CEO and President of Elsewedy Electric Ahmed El Sewedy said.

IFC’s investment will assist Elsewedy Electric to reduce greenhouse gas emissions by almost more than 60,000 tons of carbon dioxide annually through solar plants.

Since 2016, the IFC has invested nearly $1 billion in climate projects in Egypt, of which $100 million were financed for the issuance of Egypt’s first private sector green bond in 2021 by the Commercial International Bank (CIB).

On June 27th, Elsewedy Electric (SWDY) announced that its board of directors has approved obtaining a loan from the International Financial Corporation (IFC) to boost the company’s investments.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

 

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