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

Commercial International Bank Egypt CIBAnnouncement

10/07/2023 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230710:nRSJ4173Fa&default-theme=true

RNS Number : 4173F  Commercial Intnl Bank (Egypt) SAE  10 July 2023

CAIRO - July 09(th), 2023

 

RELEASE

CIB would like to announce that the Bank secured $250 million in long term
loans from the International Finance Corporation (IFC) to support its capital
and fund green projects. The first loan is a 10-year $150 million Tier 2
facility, out of which $90 million were used to refinance the outstanding
subordinated debt facility that was initially obtained from IFC in 2017, and
the incremental increase $60 million aim to provide capital to support CIB's
sustainable growth plans. The bank also signed a 7-year USD 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.

This step comes in line with the Bank's active capital management strategy
where the Bank's Management and Board continue to explore and pursue all
available avenues to ensure a sustainable, comfortable capital base that is
less vulnerable to external factors. Furthermore, these loans reflect the
strong and established relationship between the two institutions and IFC's
commitment to the Egyptian financial sector in general and its recognition of
CIB's position as the largest and most profitable private sector bank in
Egypt.

END OF RELEASE

 

Yasmine Hemeda

Head of Investor Relations

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGGNZLGGFZM