Commercial International Bank (CIB), the largest private bank in Egypt, has borrowed $250 million from the International Finance Corporation (IFC), a subsidiary of the World Bank, to support its capital and fund green projects.
Hiba Abdel Latif, Head of Financial Institutions at CIB, stated that the first loan will be a Tier 2 facility, with a duration of 10 years and a value of $150 million, aimed at “providing capital support for the bank’s sustainable growth plans.” She added that CIB has also signed a $100 million loan for a period of 7 years to finance a range of environmentally friendly projects, including water treatment and efficiency, green buildings, renewable energy sources, and sustainable agriculture projects.
Additional Green Financing
Abdel Latif further elaborated that the new financing builds upon CIB’s issuance of $100 million green bonds in 2021, which was fully subscribed by the International Finance Corporation. She explained that the largest listed private bank in Egypt is also in discussions with other development financial institutions to raise additional green financing this year “to support its clients in their green transformation journey,” according to the Head of Financial Institutions.
Interest Drives Commercial International Bank Egypt’s Q1 Profits Up 43%
She added that the loans from the International Finance Corporation recognize “CIB’s proactive focus on environmental, social, and corporate governance standards, along with reaching out to women-led small and medium enterprises for funding.” She concluded that the obtained loans will help the bank expand similar activities.
