Cairo – Egyptian digital freight marketplace Trella recently raised $6 million in debt financing from ALMA Sustainable Finance and the US International Development Finance Corporation (DFC).
Worth $4.2 million, the guarantee facility will allow ALMA to deploy $6 million in debt financing and support Trella’s operations in Pakistan and Egypt, according to a press release.
ALMA’s debt financing, which is backed by DFC, will support the expansion of Trella’s platform for micro, small, and medium-sized enterprise (MSME) truckers in Egypt and Pakistan. This step will improve the income of MSME truckers and reduce greenhouse gas (GHG) emissions in logistics.
In addition, the project will benefit from technical services provided by the United States Agency for International Development (USAID) in Pakistan and Egypt.
Jim Polan, Vice President of DFC’s Office of Development Credit, said, “This transaction is an example of DFC’s work and operations in Pakistan, which DFC hopes to grow in the years to come.
Gautam Ivatury, Managing Partner at ALMA, commented: “As lenders, we want to provide more financing in lower middle income countries such as Pakistan and Egypt, and having the facility DFC warranty allows us to reach more businesses in these regions. and have broader development impacts.
Omar Hagrass, CEO of Trella, concluded, “Trella’s operations will benefit greatly from the additional debt financing provided by ALMA with the backing of the DFC Guarantee.
Hagrass added, “In an industry like ours, we need new sources of capital to maintain our high growth trajectory and reach the thousands of truckers across the region who need help accessing more shipments, to faster payments and other integrated services.
Meanwhile, Reed Aeschliman, USAID Pakistan Mission Director, said, “With the signing of this facility, we hope to expand economic opportunities for small and medium-sized enterprises (SMEs) and sustainably improve the impact environment of logistics operations in Pakistan. .”
Trella was founded in 2018 by Omar Hagrass, Ali El-Atrash, Pierre Saad and Muhammad El-Garem. The platform is currently operating in Egypt, Pakistan, and Saudi Arabia.
In 2021, Trella entered into a framework agreement with ExxonMobil to support digital innovation in the trucking industry in Egypt.
All rights reserved – Mubasher Info © 2005 – 2022 Powered by SyndiGate Media Inc. (Syndigate.info).