AAIB issues $500 mil. bond issuance: the advisors
Zulficar & Partners Law Firm advised Arab African International Bank (AAIB) on the issuance of the First Sustainable Development Bonds Program amounting to USD 500 million. The firm’s work included the negotiation of the relevant Subscription Agreements with the Investors. Sharkawy & Sarhan acted as counsel to the Investors in this transaction: the IFC – International Finance Corporation, 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 Egyptian green, sustainable, and social projects. 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, by agreed Green Bonds/Sustainable Development Bond Principles and the relevant FRA Board Decisions.
Zulficar & Partners’ team
The Zulficar & Partners team was led by founding partner Mona Zulficar (pictured) and included senior associates Alyaa Rabea and Ahmed Fares.
Sharkawy & Sarhan’s team
Sharkawy & Sarhan’s team was led by partner Ahmed Haggag (pictured left), closely supported by associate Raghda ElQabbage.
