A subsidiary of “Solutions” signs two financial facilities agreements with 11 banks

The Arab Internet and Communications Services Company (Solutions) announced that its subsidiary (Giza Systems) and (VAS), a subsidiary of Giza Systems, have signed joint Islamic banking facility agreements with several banks led by Abu Dhabi Islamic Bank – Egypt and Abu Dhabi Islamic Company. Capital as a financial advisor, indicating that the total banking facilities for the two companies amount to 2.82 billion Egyptian pounds and 84 million dollars.

The company said in a statement today on “Tadawul” that the banks participating in the Egyptian pound facilities segment are:

• Abu Dhabi Islamic Bank – Egypt
• Arab Banking Corporation Bank – Egypt
• Credit Agricole Bank – Egypt
• Emirates NBD Bank – Egypt
• Arab Bank – Egypt
• Abu Dhabi Commercial Bank – Egypt
• Ahli United Bank – Egypt
• Al Baraka Bank – Egypt

The company explained that the banks participating in the US dollar facilities segment:

• Arab Banking Corporation Bank – Bahrain
• Ahli United Bank – Bahrain
• Abu Dhabi Commercial Bank – UAE

Financing term:

– Medium-term financing for five years (1,070 million Egyptian pounds – 48 million US dollars).

– Short-term bank facilities for one year (1,750 million Egyptian pounds – 36 million US dollars).

The company said that these facilities were refinanced on better terms and with lower financing costs in order to support the growth, expansion and development of the business of Solutions’ subsidiaries in the region, indicating that the guarantees provided in exchange for financing are represented by a guarantee from Solutions.