SANAD sells its equity in Global Corp for Financial Services to international investor consortium
Luxembourg, May 13, 2022 – The Equity sub-Fund (ESF I) of the SANAD Fund for MSME has divested its shares in GlobalCorp for Financial Services S.A.E (GlobalCorp). This transaction is a first for the SANAD sub-fund from a non-banking financial institution focused on asset-based lending. GlobalCorp has been acquired by a consortium of investors made up of Amethis Fund II S.C.A., SICAR, the European Bank for Reconstruction and Development, and SPE AIF I, LP. Through the sale the SANAD ESF I has positioned the company to scale its portfolio and expand into new business segments with the support of its new investors.
Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a focus on leasing and factoring solutions to corporates and SMEs. GlobalCorp is SANAD’s first greenfield investment in Egypt and the Egyptian non-banking financial services sector, making it an ideal organisation to serve SANAD’s target group and promote entrepreneurship throughout the country. Alongside an established local strategic partner and an aspiring leasing professional, SANAD catalysed the development of GlobalCorp and actively supported the implementation of international best practices, including formal institutional governance frameworks. The investment has facilitated access to tailored finance to more than 140 SMEs, thereby contributing to support more than 20,000 jobs.
Through SANAD’s Technical Assistance Facility, the company received ongoing support, such as tailoring and optimizing the workflow for SMEs, sponsoring SME credit analysis training, and enhancing environmental and social policies and procedures. In addition, the Technical Assistance Facility also supported multi-year projects such as a leadership training program which was offered to more than 80 of the institution’s staff including junior, middle, and senior management.
SANAD Board Chairperson Dr. Daniela Beckmann said, “This divestment marks a milestone for the SANAD ESF I as this was a first from a non-banking financial institution, and a first greenfield investment in Egypt. GlobalCorp has proven that it is in a prime position to support entrepreneurs in Egypt and provide much needed leasing and factoring solutions for businesses. We are proud to have been part of their journey and wish the company well as it scales its infrastructure and operations and advances its overall goal to promote greater financial inclusion across the country.”
Hatem Samir, Founder, Group CEO and MD of GlobalCorp, commented: “As a founder of GlobalCorp, the SANAD ESF had a marked influence upon the development and growth trajectory of the company directly contributing to the success and recognition of GlobalCorp as a leading non-banking financial institution in the Egyptian market. The support facilitated by the SANAD Technical Assistance Facility contributed to the execution of institutional initiatives and capacity building which have a continued positive effect on the organization.
KAMCO Investment Company acted as exclusive sell-side financial advisor; Matouk Bassiouny & Hennawy as sell-side legal counsel and Arqaam Capital as broker and custody agent.
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.
An impact investment fund advised by Finance in Motion, SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital.
For more information on the SANAD Fund for MSME, please visit: www.sanad.lu
For more information on Finance in Motion, please visit: www.finance-in-motion.com
About Global Corp
Established in 2015 in Egypt, GlobalCorp is a non-banking financial services company engaged in offering financial and operating leases and factoring solutions to corporates and small/midcap enterprises. It offers leading, innovative financial solutions including structured/tailored finance in partnership with other leasing companies and banks, positioning it as the largest purely independent NBFS player in Egypt. For more information, visit https://globalcorp-fin.com/
Media contact – SANAD
Marketing & Communications
Phone: +49 (0)69 271 035-580
Media contact – Global Corp for Financial Service
Name: Shahir El Faramawy
Designation: Head of Corporate Development
Phone: : +2 (02) 2539-1514