Indian Abdos FMCG signs loan agreement with Emirates NBD-Egypt to boost local operations

Ahram Online , Thursday 14 Dec 2023

Emirates NBD-Egypt Bank signed a medium-term loan facility with Indian manufacturer Abdos FMCG Egypt to support the company’s expansion plans in Egypt, read a statement on Thursday.

The signing ceremony. Emirates NBD.
The signing ceremony. Emirates NBD.


"The loan agreement holds strategic importance for Emirates NBD-Egypt and showcases our dedication to supporting economic advancement and sustainability in Egypt,” said Managing Director and CEO Amr El-Shafei.

Abdos is building a factory at the Suez Canal Economic Zone (SCZONE) specialising in manufacturing plastic products used in labs with $30 million in investments. Contracts for the project were signed in June.

“The project aligns with the bank's agenda of supporting exporters, foreign investment, and the Indian corridors. Moreover, it contributes to the president's directive of attracting diverse foreign investments while aiding in the localization of industries," stated head of Corporate Banking at Emirates NBD-Egypt Tamer Ragheb.

“The partnership between Emirates NBD-Egypt and Abdos-Egypt through the signing of a medium-term loan facility marks a significant milestone in the Egyptian market. Both parties are now set to explore new avenues of growth, contributing to the overall development of Egypt's economy,” said Rajesh Agarwal, a representative of Abdos in Egypt.

Abdos-Egypt is a subsidiary of Abdos Oils PVT LTD India, an established entity belonging to Abdos Group with over 55 years of experience in the FMCG sector.

Emirates NBD-Egypt is a subsidiary of the UAE’s Emirates NBD Group. The group conducts operations in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain and representative offices in China and Indonesia with a total of 853 branches and 4,213 ATMs / SDMs, according to the bank’s website.

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