2023-07-10 06:55:16
banks
Sky News Arabia – Abu Dhabi
06:52 – July 10, 2023The Commercial International Bank of Egypt
The Commercial International Bank, the largest private bank in Egypt, obtained two long-term loans worth $250 million from the International Finance Corporation, the private sector arm of the World Bank Group, according to a statement from the bank on the Egyptian Stock Exchange.
The value of the first loan is $150 million for ten years, and $90 million of it was used to refinance the remainder of a previous loan the bank obtained from the International Finance Corporation in 2017, according to the statement.
The bank will use the remainder of the loan to support its future growth plans.
The value of the second loan is $100 million for seven years. It aims to finance a group of environmentally friendly projects, including projects for water treatment and improving its efficiency, green buildings, in addition to projects in the field of sustainable agriculture.
In 2021, the Commercial International Bank issued green bonds in the Egyptian market, worth $100 million, in which the International Finance Corporation fully subscribed, to finance projects to help transition to a low-carbon economy.
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