IFC Provides $250M Loans to Egypt's CIB

Published on:
by KnowESG
KnowESG_Commercial Internatuional Bank green loan
Image courtesy of Freepik

In a recent announcement, Commercial International Bank (CIB) revealed that it has obtained $250 million in long-term loans from the International Finance Corporation (IFC) to support its capital and finance environmentally friendly initiatives.

According to a bourse statement released on Sunday, the initial loan amounts to $150 million and has a 10-year term, with $90 million allocated to refinancing outstanding debts owed by CIB to the IFC.

The remaining $60 million will be used to bolster the bank's sustainable growth strategies. In addition, CIB has entered into a seven-year agreement with the IFC for a $100 million loan to fund various green projects, including water treatment and efficiency, green buildings, and renewable and sustainable agriculture ventures.

With its establishment dating back to 1975, CIB holds the position of Egypt's foremost private sector bank, catering to a diverse range of customers, including enterprises of all scales, institutions, households, and high-net-worth individuals. As of 2022, the bank's total assets have surged to EGP 635.83 billion (approximately $20.6 billion) from EGP 498.23 billion in 2021.

Having invested a cumulative sum of $7 billion in Egypt since its inception, the IFC, as a member of the World Bank Group, has contributed $3.2 billion to the country's development since 2018.

For more sustainable finance news

Source: Ahram Online

Share:
esg
esg
esg
esg

Sustainable Finance Headlines

Ireland’s ISIF Puts €160M Toward Climate Solutions

Ireland’s ISIF Puts €160M Toward Climate Solutions

Sustainable Investment Boost: Ara Partners’ $800M Fund Tackles Industrial Emissions

Sustainable Investment Boost: Ara Partners’ $800M Fund Tackles Industrial Emissions

Bosqar Eyes €150M in Sustainability Bonds Amid ESG Push

Pioneer Secures $1.2 Billion for Sustainable Infrastructure Push

UK's RLAM Adopts SDR Focus Label for 8 Funds for ESG Transparency

Sri Lankan Stock Exchange Launches GSS+ Bonds Regulatory Framework

UBS ETFs Embrace ESG Principles in Major Rebranding Effort

Sustainability at the Core: Thailand and Luxembourg Strengthen Financial Cooperation

NYS Pension Commits Extra $2.4B for Sustainable Investments

Greece's Western Region to Get $6.4B for Green Energy Shift