EFG is listed on the Cairo and London Stock Exchanges and is among the most actively traded stocks in Cairo. Dubai Financial Group, with about 25% shareholding, and Abu Dhabi Investment Authority, with about 10% shareholding, are the largest institutional shareholders of EFG. About 15% of EFG’s stocks are in the form of GDRs. The rest of EFG’s shares are distributed among various institutional and individual shareholders each holding not more than 5% stake.

The total project cost is expected to be about $100-$120 million including a potential debt mobilization of up to $40 million by IFC to EFG.

100.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	80.0
Equity	20.0

* These investment figures are indicative

EFG is headquartered in Cairo, Egypt and has operations in UAE, Saudi Arabia, Oman, and Kuwait.

The project is expected to have a high development impact as it would: - On a regional level, contribute to the development of regional capital markets, facilitate capital flows within the region, and lead to economies of scale, making local investment opportunities more attractive to overseas investors; and - On a country level, allow to deepen and broaden the Egyptian capital markets.

Additionality of the project would be to: (i) Support one of IFC’s key existing clients in the region with its continuing successful regional expansion strategy, by providing long term financing not readily available elsewhere either domestically or overseas; (ii) Assist EFG in mobilizing up to debt financing from reputed DFIs; (iii) Facilitate raising the institutional profile and credibility of EGF within the universe of other institutional counterparties, both within MENA and in Western markets; this, in turn, should increase institutional flexibility and opportunities for EFG to deliver to its clients successful capital markets and investment banking solutions; (iv) Continue providing regional and global experience in developing capital markets through support to a leading investment company like EFG, which values IFC’s global and emerging market experience and has the knowledge of and presence in MENA countries; and (v) Promote environmentally and socially sustainable finance principles in EFG’s private equity funds, as well as across other business lines through IFC’s potential advisory program.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure.   During appraisal, IFC will analyze the FI portfolio,  and the activities proposed to be supported with IFC financing for types of transactions, size, tenor and industry sectors and determine the Applicable Performance Requirements, if any, that would include a combination of:  - The IFC FI Exclusion List(s) and/or  - The applicable National Social and Environmental Laws and regulations and/or  - The IFC Performance Standards IFC will also appraise the FI’s labor practices according to the IFC’s Performance Standards 2: Labor and Working Conditions and review, if required, the capacity of the FI to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). If required, IFC will suggest Supplemental Actions to address any gaps in the SEMS. Based on the review, the project will be required to:  - Develop an, or upgrade, if necessary, any existing Social & Environmental Management System (SEMS), prior to disbursement to the satisfaction of IFC  - Identify responsible, qualified persons to manage and implement the SEMS  - Commit to implement the SEMS, to ensure that its investments/activities are in compliance with the Applicable Performance Requirements  - Demonstrate commitment to applying the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions  - Submit a periodic report to IFC as per a format to be provided by IFC