Global law firm Ashurst has successfully advised the International Finance Corporation (IFC) on its inaugural investment in a securitisation bond in Egypt, contributing to a landmark transaction valued at EGP 2.5 billion. This marks a significant milestone for the IFC, the private-sector arm of the World Bank Group, as it expands its footprint in the Egyptian financial market.
The securitisation, which was structured into three tranches with different maturities and credit ratings, is viewed as one of the most significant issuances in Egypt’s securitisation landscape. All tranches received ratings from Middle East Ratings and Investor Services (MERIS), underscoring the transaction’s credibility and importance.
GlobalCorp, a prominent player in the integrated financial solutions sector, spearheaded the issuance, reaffirming its role in the market. The IFC’s participation involved a direct investment in US dollars and its equivalent in Egyptian pounds, aimed at fostering the development and diversification of Egypt’s securitisation market.
Ashurst’s Cross-Border Expertise on Display
The Ashurst team, known for its cross-border expertise, was led by partners Ouns Lemseffer and Agathe Motte, while associate Agathe Burtz provided additional support. Partner Tom Longmuir played a crucial role in advising on English law matters, assisted by associate Rohan Last.
Local counsel was provided by Matouk Bassiouny & Hennawy, with partner Imane Raouf and associate Laila Zaki leading the team in Egypt. Their collaboration exemplified the effective partnership between international and local legal expertise, facilitating a smooth execution of the bond issuance.
The completion of this transaction not only highlights the growing interest in Egyptian securitisation but also reflects the broader economic ambitions of the region. As the market continues to evolve, the IFC’s investment is expected to stimulate further developments, attracting additional international players and fostering innovation in the financial sector.
This landmark deal represents a significant advancement in Egypt’s financial landscape, showcasing the potential for future investments and the important role that institutions like the IFC play in supporting economic growth and diversification.
