We are proud to announce that Zulficar & Partners Law Firm represented Arab African International Bank (AAIB), in the issuance of the First Sustainable Development Bonds Program amounting to U$500 million, including the negotiation of the relevant Subscription Agreements with the Investors. The Investors in this landmark transaction are the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and British International Investment (BII).
AAIB’s Sustainability Bonds issuance is the first in Egypt and the largest issued by a private bank in Africa to support green, sustainable and social projects in Egypt. The Sustainability Bonds Program has been approved by FRA and will be issued in a private placement to the three prominent investors.
The purpose of the issuance is to finance and/ or refinance green and sustainable social development projects, with emphasis on medium, small and micro projects, in accordance with agreed Green Bonds/ Sustainable Development Bond Principles and the relevant FRA Board Decisions.
This landmark issuance is a critical milestone, towards extending financial inclusion, while unlocking the potential of sustainable finance in Egypt and increasing capital market flows towards green and social projects. Moreover, this project contributes to the resilience of the economy by providing long-term hard currency funding for sustainable projects particularly, MSME’s in Egypt.
Z&P team assisting in this Transaction was led by Mona Zulficar – Founding Partner, Chair of Executive Committee and Head of Banking and Project Finance Group, Alyaa Rabea – Senior Associate and Ahmed Fares – Senior Associate.
