Egypt’s Commercial International Bank (CIB) has secured $250 million in loans from the World Bank’s International Finance Corporation (IFC) to support its capital and fund green projects.
IFC said in a statement that CIB signed a 10-year $150 million Tier II facility to support the bank’s capital position as well as the expansion of its operations.
The second loan is a 7-year $100 million facility that aims to finance its growing climate finance business including water treatment and efficiency, green buildings and renewables as well as sustainable agriculture projects.
“CIB is a longstanding IFC client and will use the funding and capital support to grow its climate and micro, small and medium enterprises finance operations,” said the IFC.
The new funding builds on CIB’s $100 million green bond issuance in 2021, which was fully subscribed to by the IFC. CIB said at the time that it would use the proceeds from Egypt’s first-ever corporate green bond issuance to finance businesses looking to invest in green buildings, renewable energy and other eco-friendly solutions.
Heba Abdel Latif, CIB’s head of financial institutions, told Bloomberg that the Egyptian 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”.
