By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    blinx: New digital media hub for Middle East’s youth
    blinx: New digital media hub for Middle East’s youth
    September 24, 2023
    ADNOC Distribution launches first ADNOC service stations in Egypt
    ADNOC Distribution launches first ADNOC service stations in Egypt
    September 24, 2023
    Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
    Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
    September 24, 2023
    Shell, KUFPEC partner to explore Egypt's Mediterranean Block 3
    Shell, KUFPEC partner to explore Egypt’s Mediterranean Block 3
    September 24, 2023
    Food Export Council holds symposium on challenges of food exports to EU, US
    Food Export Council holds symposium on challenges of food exports to EU, US
    September 24, 2023
  • Politics
    PoliticsShow More
    Sudanese leader Al-Burhan denounces RSF commander’s letter to UN
    Sudanese leader Al-Burhan denounces RSF commander’s letter to UN
    September 24, 2023
    Egypt, Greece, and Cyprus stress coordination on gas, regional issues
    Egypt, Greece, and Cyprus stress coordination on gas, regional issues
    September 23, 2023
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CIB obtains $100m support loan from CDC
Share
Notification
Latest News
blinx: New digital media hub for Middle East’s youth
blinx: New digital media hub for Middle East’s youth
Business
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
Culture
ADNOC Distribution launches first ADNOC service stations in Egypt
ADNOC Distribution launches first ADNOC service stations in Egypt
Business
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Business
Shell, KUFPEC partner to explore Egypt's Mediterranean Block 3
Shell, KUFPEC partner to explore Egypt’s Mediterranean Block 3
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > CIB obtains $100m support loan from CDC
Banking

CIB obtains $100m support loan from CDC

Daily News Egypt
Last updated: 2020/07/02 at 9:43 PM
By Daily News Egypt 3 Min Read
Share
Commercial International Bank (CIB)
Commercial International Bank (CIB)
SHARE

The Commercial International Bank – Egypt (CIB) has announced it has signed an agreement to obtain a $100m support loan from CDC Group, the UK’s impact investor and development finance institution.

The support loan will be included in the tier 2 capital base, and the loan term will cover a ten-year period.

In a statement on its website, CIB said the move is in line with executive management plans to strengthen the bank’s capital base. This comes as part of preparations for the expected economic recovery following the novel coronavirus (COVID-19) pandemic.

“The new loan from CDC is in addition to two supporting loans within the tier 2 capital base, each of $100m from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC),” the bank said.

A statement issued by the British Embassy in Cairo on Thursday said that the financing is to enhance CIB’s capital base, to grow the bank’s business, and expand lending.

The statement added that the financing also aims to increase lending to export sectors in line with the Egyptian government’s agenda of diversifying sources of hard currency away from tourism.

CIB signed a Memorandum of Understanding (MoU)with the CDC Group at the African Investment Summit in London last January.

“This pioneering deal with CIB will enable the bank to support more customers at this critical time,” said Nick O’Donohoe, CEO at CDC Group.

He added: “Supporting capital markets in the banking environment at this time is vital if African economies are to weather the emerging storm of the coronavirus.”

Hussein Abaza, CEO of CIB said, “As a relationship-based organisation, we very much appreciate our partnership with CDC and we are very pleased to see the transaction concluded.”

The British Ambassador to Egypt, Sir Geoffrey Adams, said: “It is great to see the results of the African Investment Summit, which was held in the UK in January, already having such a tangible impact on the ground as this financing facility will provide critical support to small- and medium-sized enterprises (SMEs) in a critical time, which helps to maintain its continuity and protect the workforce in Egypt.”

You Might Also Like

Banks operating in Egypt record EGP 126.9bn of net profits in 1H 2023

CIB launches new online academy for SMEs in partnership with Visa, Almentor Business

Banque du Caire launches new security control unit

Banks in Egypt improve accessibility for people with disabilities

Banque Misr sponsors Egypt’s national football teams until 2026 World Cup

TAGGED: CDC, CIB, Loan
Share this Article
Facebook Twitter Email Print
Previous Article Qalaa Holdings records 191% y-o-y increase in revenues during Q1 of 2020
Next Article Grand Ethiopian Renaissance Dam (GERD) on the Blue Nile River Egypt Ethiopia Sudan Daily News Egypt Ethiopia intransigent on GERD issue: ECES seminar experts
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

blinx: New digital media hub for Middle East’s youth
blinx: New digital media hub for Middle East’s youth
Business
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
National Cancer Institute, Novartis Egypt host run to raise awareness on World Chronic Myeloid Leukemia Day
Culture
ADNOC Distribution launches first ADNOC service stations in Egypt
ADNOC Distribution launches first ADNOC service stations in Egypt
Business
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?