REG - Commercial Int Bank - CIB obtaining Long term loan from IFC

Commercial International Bank Egypt CIBAnnouncement

01/10/2024 14:15

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RNS Number : 5079G  Commercial Intnl Bank (Egypt) SAE  01 October 2024

Press Release concerning CIB obtaining Long term loan from IFC

 

October 1(st), 2024

CIB is pleased to announce the signing of an agreement with the International
Finance Corporation (IFC) for a loan facility totaling USD 150 million, which
qualifies as Tier II capital and has a maturity period of 10 years.

The loan comes in line with the Bank's proactive capital management strategy,
as both the Executive Management and Board continue to seek and pursue diverse
options to maintain a resilient capital base that is less vulnerable to
external influences. Additionally, the agreement reflects the long-standing
partnership between the two institutions and highlights IFC's ongoing
commitment to the Egyptian financial sector, as well as its recognition of
CIB's leadership as Egypt's largest and most profitable private sector bank.

 

 

 

 

 

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