Helmy, Hamza & Partners, Baker McKenzie Cairo office, advised the Sovereign Fund of Egypt (TSFE) on its partnership with Etisalat Egypt by e& and Mr. Amr Abo El Azm to launch Erada Microfinance company "the Company". The newly launched Company will provide micro and small enterprises with access to a wide range of financial services and a diversified set of innovative financial products.
The issued capital of the Company is EGP 115,000,000 million (USD 3,853,151 million) which was incorporated in 28 June 2022 and licensed from the FRA on 29 December 2022.
Baker McKenzie Cairo-based partner, Mohamed Ghannam said of the deal, “This deal is definitely in light of the state's general vision and plans toward digital transformation and the use of technology in non-banking financial services. Looking ahead, we expect more investors to be attracted to invest in this field and incorporate such microfinance companies to further cater to market and customers' needs.”
"We are very pleased to have had the opportunity to support our long-standing client on yet another strategically important transaction," he added.
The Helmy, Hamza & Partners, Baker McKenzie Cairo team was led by partner Mohamed Ghannam with support from Associate Walid Enany.