Arab Finance: Drive Finance, a subsidiary of GB Corp, has signed a syndicated credit facility worth EGP 5 billion to support the expansion of its consumer finance and factoring portfolios, as per a disclosure.

The agreement is the first syndicated loan granted to a company in Egypt’s non-banking financial sector.

The facility forms part of Drive’s plan to diversify its funding sources and strengthen its financial position within the Egyptian market.

The funding aligns with its expansion plans across auto financing and other consumer finance services.

Drive said the new facility will support its auto financing operations and contribute to the growth of its consumer finance and factoring activities.

The company expects the funding to help widen its geographic presence, grow its customer base, and introduce financial programs suited to the needs of the Egyptian market.

The agreement included the participation of the National Bank of Egypt (NBE) as initial mandated lead arranger, facility agent, security agent, and documentary agent; the Commercial International Bank–Egypt (CIB) as initial mandated lead arranger and structuring bank; and the Arab African International Bank (AAIB) as initial mandated lead arranger and account bank.

Banque du Caire participated as lead arranger, with Emirates NBD and the Housing and Development Bank (HDB) joining as syndicate lenders.

Legal counsel for the lenders was provided by Matouk Bassiouny & Hennawy, while Ashraf Ehab Law Firm acted as legal advisor to Drive.

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