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EBRD-led consortium acquires majority stake in Egypt’s GlobalCorp

EBRD-led consortium acquires majority stake in Egypt’s GlobalCorp

ArabFinance: An investment consortium comprising the European Bank for Construction and Development (EBRD), Amethis, and SPE AIF I, LP (SPE Capital) has acquired a majority stake in Egypt-based GlobalCorp for Financial Services, according to a recent press release.

This takeover marks the first investment of Amethis in Egypt and SPE Capital’s second investment in the country through the SPE AIF I fund.

Commenting on the acquisition, EBRD Managing Director for the Southern and Eastern Mediterranean region Heike Harmgart said: “We are very happy to join this consortium for the Bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector.”

“This investment will support a leading financial company in providing financing to an important segment of the Egyptian economy, covering small and medium-sized businesses,” Harmgart added.

The three companies will be pumping investments into GlobalCorp, including a primary capital investment to boost the company’s portfolio and enter new business segments.

The consortium will collaborate with GlobalCorp’s management to expand the infrastructure and operations of the company while investing in technology to support its impact agenda and promote financial inclusion.

It will also cooperate with the company in financing clients of small- and medium-sized enterprises (SMEs) and green initiatives, in addition to encouraging key environmental, social, and governance (ESG) and client protection standards within the non-banking financial services sector.

Established in 2015, GlobalCorp is a leading non-banking financial services company in Egypt, with a portfolio focusing on leasing and factoring solutions for corporates and SMEs.

The company has raised EGP 13 billion in credit over more than 800 leasing and factoring contracts within 30 industries since its incorporation, with over 25% of its portfolio in favor of SMEs and green financing.

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