Egypt’s CIB receives $250 million loans from IFC for multiple purposes including green projects

Egyptian private Commercial International Bank (CIB) indicated Sunday it received $250 million from the International Financial Corporation (IFC) in form of multiple loans to be used to support its capital and fund green projects.

The first loan has a value of $150 million and a 10-year term, including $90 million for the refinancing of outstanding loans owed by CIB to the IFC, the bank said, according to a bourse statement.

The remaining $60 million will be used to support the bank’s sustainable growth plans, the statement added. CIB also signed a seven-year loan agreement with the World Bank’s arm for private sector financing to fund a group of green projects, including water treatment and efficiency, green buildings and renewable and sustainable agriculture projects.

CIB, established in 1975, is Egypt’s leading private sector bank, offering a broad range of financial products and services to its customers, including enterprises of all sizes, institutions, households and high-net-worth individuals. Its total assets reached EGP 635.83 billion (or around $20.6 billion) in 2022, up from EGP 498.23 billion in 2021.