Commercial International Bank (CIB) has received $250 million in long-term loans from the International Finance Corporation (IFC) to sustain its capital and fund green initiatives.
The first loan is worth $150 million and has a 10-year tenure, with $90 million going toward the refinancing of CIB’s existing obligations to the IFC.
The remainder of $60 million will go toward the bank’s long-term expansion ambitions.
CIB also inked a seven-year $100 loan arrangement with the IFC to support a variety of green initiatives, including water treatment and efficiency, green buildings, and renewable and sustainable agriculture.
Established in 1975, CIB 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.
The bank’s total assets reached EGP 635.83 billion (or around $20.6 billion) in 2022, up from EGP 498.23 billion in 2021.
Since its inception, The IFC, a member of the World Bank Group, has invested a total of $7 billion in Egypt, including $3.2 billion since 2018.
