According to a report by Asharq business, Egypt’s Commercial International Bank (CIB) has obtained two loans totaling $250 million from the International Finance Corporation (IFC), a member of the World Bank. The loans aim to increase the bank’s capital and fund environmentally friendly projects. The report cited Heba Abdel Latif, the head of financial institutions at CIB.
Read more: Egypt takes significant step towards promoting renewable energy
As per Abdel Latif, the $150 million 10-year loan is intended to provide financial assistance to CIB’s sustainable expansion initiatives and to promote its growth plans toward sustainability.
Additionally, CIB has entered into a seven-year loan agreement with the private sector financing division of the World Bank to finance a cluster of eco-friendly initiatives. These projects comprise sustainable agriculture, renewable energy, green buildings, and water treatment and efficiency.
CIB’s total assets reached EGP 635.83 billion (or around $20.6 billion) in 2022, up from EGP 498.23 billion in 2021.
Since its inception, The IFC has invested a total of $7 billion in Egypt, including $3.2 billion since 2018.
Egypt has lately entered into a Memorandum of Understanding (MoU) with Statkraft AS, a Norwegian company, to conduct studies on a renewable energy export project from Egypt to Europe via Italy. The agreement marks a significant milestone in Egypt’s efforts to promote renewable energy and establish itself as a key player in the global energy market.
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