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Commercial Intnl Bank (Egypt) SAE (CIB) secured a total of $250 million in long-term loans from the International Finance Corporation (IFC) on July 09, 2023. This includes a 10-year, $150 million Tier 2 facility, with $90 million refinancing existing debt and $60 million for capital, and a separate 7-year, $100 million loan to finance environmental projects.
| Date | 10 Jul 2023 |
| Time | 08:00:01 |
| Category | Miscellaneous |
| ID | 4173F |
CAIRO - July 09th, 2023
RELEASE
CIB would like to announce that the Bank secured $250 million in long term loans from the International Finance Corporation (IFC) to support its capital and fund green projects. The first loan is a 10-year $150 million Tier 2 facility, out of which $90 million were used to refinance the outstanding subordinated debt facility that was initially obtained from IFC in 2017, and the incremental increase $60 million aim to provide capital to support CIB's sustainable growth plans. The bank also signed a 7-year USD 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.
This step comes in line with the Bank's active capital management strategy where the Bank's Management and Board continue to explore and pursue all available avenues to ensure a sustainable, comfortable capital base that is less vulnerable to external factors. Furthermore, these loans reflect the strong and established relationship between the two institutions and IFC's commitment to the Egyptian financial sector in general and its recognition of CIB's position as the largest and most profitable private sector bank in Egypt.
END OF RELEASE
Yasmine Hemeda
Head of Investor Relations