AAIB grants EGP 200m loan to Premium International
Arab African International Bank (AAIB) has provided Premium International for Credit Services 200 million Egyptian pounds in credit facilities.
The loan is set to support the company’s growth strategy during the current fiscal year.
It is noteworthy that AAIB has recently participated in the securitisation of Premium International’s portfolio by issuing 167 million pounds .
A securitisation transaction is a debt capital market financial instrument whereby future receivables are converted into financial securities which can then be listed and traded on the stock exchange.
“Securitisation transactions are vital financial tools as they allow the diversification of financing sources for a certain tier of clients including real estate developers and consumer finance companies amongst others.” AAIB vice chairman and managing director Sherif Elwy said.
Established in 1964, the AAIB bank is a joint venture between the Egyptian central bank and Kuwait Investment Authority (KIA), with each party holding a 49.37 percent stake.