IFC Provides $250M Loans to Egypt's CIB
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.
Source: Ahram Online