ALC advises Egypt’s T&C Garments in acquisition of USD 20 mn loan from ProparcoJune 25, 2020
ALC Alieldean Weshahi & Partners is pleased to have served as legal counsel to T&C Garments, an Egyptian-Turkish joint venture specialised in the manufacture of denim garments, on its acquisition of a USD 20 million loan from Proparco, the private-sector financing arm of the French development agency AFD.
“We are delighted to have helped our client close this important facility — and particularly happy to have done so despite the challenges of doing business during the covid-19 pandemic,” said Managing Partner Dr. Bahaa Alieldean. “This loan will not just help T&C expand, it will support thousands of jobs in the coming years.”
T&C Garments, a company of Egypt’s Tolba group, produces for export on contract from top global brands including Levi’s, Ann Taylor, Uniqlo, Jones of New York and Inditex. It employs more than 4,000 people and is growing to become the largest apparel manufacturer and exporter in Egypt.
The loan will allow T&C to double its production capability over the coming years and finance the installation of solar PV panels and a water-recycling unit to foster sustainable electricity usage in the company.
Lead counsel on the transaction from Alieldean Weshahi & Partners were Senior Associates Shahenda Badawy and Dr. Dina Abd El Moneim.