Commercial Intnl Bank (Egypt) SAE

Net Asset Value • Oct 1, 2024

National Storage Mechanism | Additional information

RNS Number : 5079G

Commercial Intnl Bank (Egypt) SAE

01 October 2024

Press Release concerning CIB obtaining Long term loan from IFC

October 1st, 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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