Egypt's Commercial International Bank secures $250 mln loans from IFC

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 remaining $60 million will be used to support the bank's sustainable growth plans.

Furthermore, CIB signed a seven-year $100 loan agreement with the IFC to fund a group of green projects, including water treatment and efficiency, green buildings and renewable and sustainable agriculture projects.

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.