• Drive Finance secures USD 104M syndicated loan to diversify funding and support its expansion plans in Egypt.
• The facility supports auto financing expansion, increasing geographic reach, customer base, and introducing innovative programs for evolving market needs.
• Loan enhances portfolio flexibility, opens growth opportunities, and strengthens Drive Finance’s leadership in Egypt’s automotive financing sector.

Drive Finance 

Drive Finance, a subsidiary of GB Capital, signed a syndicated credit facility worth around USD 104 million (EGP 5B). The facility is part of the company’s strategy to diversify its funding sources and support its future expansion plans. 

The agreement was arranged with the participation of:

• National Bank of Egypt (NBE)– Initial Mandated Lead Arranger, Facility Agent, Security Agent, Documentary Agent
• Commercial International Bank (CIB) – Initial Mandated Lead Arranger and Structuring Bank
• Arab African International Bank (AAIB) – Initial Mandated Lead Arranger and Account Bank
• Banque du Caire – Lead Arranger
• Emirates NBD – Syndicate Lenders
• Housing & Development Bank – Syndicate Lenders
• Matouk Bassiouny & Hennawy – Legal Counsel for the Lenders
• Ashraf Ehab Law Firm – Legal Advisor to Drive Finance

Established in 2012, Drive Finance is an auto financing company specializing in consumer finance and factoring for individuals and corporations.. It operated under GB Capital, the financing arm of GB Corporation. It offers a variety of automotive financing programs,including new and used vehicles, as well as financing for commercial fleets.

Auto-Financing

Looking forward, with the new facility, it aims to support its auto financing activities within both its consumer finance and factoring portfolios. With this, it seeks to expand its customer base, and increase its geographic reach. Additionally, it aims to introduce innovative financial programs that address the evolving needs of the Egyptian market.

Ahmed Ossama, Executive Managing Director of Drive Finance stated that this facility represents a significant leap forward in the company’s ability to offer innovative financing solutions that meet customer expectations. He also adds that it will support its ambitious plans for expansion in the Egyptian automotive market. Additionally, it will also enhance the company’s flexibility in managing its financing portfolio. It will also open new opportunities for growth by increasing the volume of financing directed to the auto sector.