Global law firm Ashurst has played a pivotal role in facilitating the International Finance Corporation’s (IFC) significant investment in Egypt’s securitisation market. The IFC, which serves as the private-sector arm of the World Bank Group, participated in GlobalCorp’s securitisation bond issuance valued at EGP 2.5 billion. This marks the IFC’s inaugural investment in an Egyptian securitisation bond.
The securitisation consists of three tranches, each with distinct maturities and credit ratings. All tranches received ratings from the Middle East Ratings and Investor Services (MERIS). This transaction is regarded as one of the most prominent securitisation issuances in Egypt, further establishing GlobalCorp as a key player in the integrated financial solutions sector.
The IFC’s investment involved a direct contribution in both US dollars and its equivalent in Egyptian pounds, aimed at fostering the development and diversification of Egypt’s securitisation market. This move highlights the growing interest in Egyptian financial instruments among international investors.
Expert Guidance from Ashurst’s Cross-Border Team
The Ashurst team that advised on this transaction was led by partners Ouns Lemseffer and Agathe Motte, with support from associate Agathe Burtz. Additionally, partner Tom Longmuir provided expertise on English law matters, supported by associate Rohan Last. Their collaborative efforts ensured a comprehensive approach to navigating the complexities of this significant deal.
Local counsel in Egypt was provided by Matouk Bassiouny & Hennawy, with partner Imane Raouf and associate Laila Zaki leading the advisory efforts. Their insight into the local market conditions and regulatory environment was crucial for the successful execution of the securitisation.
The successful completion of this transaction not only enhances GlobalCorp’s standing in the market but also signals a positive step towards attracting more international investments into Egypt’s financial landscape. As the country continues to develop its securitisation market, this landmark issuance is expected to pave the way for future opportunities and innovations in financial solutions.
