Top Egypt bank gets $250 million in loans with eye on green work
The bank signed a 7-year $100 million loan to finance sustainable projects
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.
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.