The clap
The Commercial International Bank (CIB) secured a $250 million loan from the International Finance Corporation (IFC).
What
The loan comes to fund the EGX-listed bank’s green projects and support its capital by refinancing some of its debt, according to CIB’s statement.
So What
The IFC’s long-term loan is broken down into the following:
- $150M loan (10 years): $90 million to finance existing debt obtained from the IFC in 2017, & $60 million to finance growth plans
- $100M loan (7 years): to finance green projects such as green building, water tretament, and sustainable agriculture projects.
Now what
According to Bloomberg, CIB plans to obtain more green financing in 2023.
