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Markets


TOP EGYPT BANK GETS $250 MILLION IN LOANS WITH EYE ON GREEN WORK

 * Funding aimed at helping CIB boost its focus on green projects
 * CIB also in talks with other lenders for more green financing

A Commercial International Bank Egypt SAE AMT in Cairo.

Photographer: Islam Safwat/Bloomberg
By

Mirette Magdy

+Follow
July 9, 2023 at 7:01 AM GMT


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region.

Commercial International Bank SAE, Egypt’s largest private bank, secured $250
million in loans from the World Bank’s International Finance Corporation to
support its capital and fund green projects.

The first loan is a 10-year $150 million Tier 2 facility that aims to “provide
capital support for the bank’s sustainable growth plans,” Heba Abdel Latif, head
of financial institutions at the Egyptian lender, said in an interview.



The bank also signed a 7-year $100 million loan to finance a pipeline of
environment-friendly projects that include water treatment and efficiency, green
buildings and renewables, as well as sustainable agriculture projects.




The new funding builds on CIB’s $100 million green bond issuance in 2021, which
was fully subscribed to by the IFC, said Abdel Latif. 



Read More: Egypt Races to End Pound Dilemma in Hunt for Gulf, IMF Cash

Egypt’s biggest listed lender is also in discussions with other development
financial institutions to raise additional green financing this year to “support
our clients on their transition path,” she said.

The IFC loans are “an acknowledgment of CIB proactive focus on ESG, as well as
on small and medium-sized, and women-led businesses access to finance,” said
Abdel Latif, adding that the funds it secured will help it with expanding such
activities.



 





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