MNT-Halan's Tasaheel concludes Egypt's first SME-focused issuance at $94mln
The issuance was rated 'P1' for short-term tranches and 'A-' for long-term tranches by Middle East Rating and Investors Service (MERIS), according to a press release.
Backed exclusively by a portfolio of SMEs, the transaction aligns with the company's objectives to support the economic sector and marks the largest securitization issuance in Egypt in 2025.
This offering anchors Tasaheel's strategy to secure financial solutions that promote financial inclusion and drive economic growth by supporting entrepreneurs and SMEs. This is in addition to scaling access to financial services across Egypt.
Ahli Pharos and the Arab African International Bank (AAIB) acted as financial advisors and lead arrangers for the transaction. Matouk Bassiouny & Hennawy served as legal advisor, while Baker Tilly was the financial auditor.
The issuance was underwritten by the National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), Suez Canal Bank, AAIB, and Ahli Pharos. The Egyptian Gulf Bank (EG Bank) acted as the custodian bank.
Mounir Nakhla, Founder and CEO of MNT-Halan, commented: 'This issuance marks an important milestone in Tasaheel's journey and reflects the strength of its credit portfolio and the trust placed in its performance by financial institutions.'
'Expanding access to finance for SMEs is a cornerstone for supporting Egypt's economic development, and we are proud to lead this effort through Tasaheel,' Nakhla added.
Tasaheel disburses more than EGP 1 billion monthly to back entrepreneurs and small businesses, holding over 70% market share within the non-banking financial sector in Egypt.
Last March, the Financial Regulatory Authority (FRA) greenlighted MNT-Halan's request to implement electronic Know Your Customer (e-KYC) and digital contracts in Egypt.
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