By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis.
    When banks go bust: the four factors at play – trust, confidence, contagion and systemic risk
    March 26, 2023
    Research centres define optimal investment portfolio amid high inflation
    Research centres define optimal investment portfolio amid high inflation
    March 26, 2023
    Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
    Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
    March 26, 2023
    Abu Dhabi Islamic Bank - Egypt achieves net profit of EGP 2.190bn in 2022
    Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
    March 26, 2023
    JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
    JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
    March 26, 2023
  • Politics
    PoliticsShow More
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    March 26, 2023
    Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
    Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
    March 26, 2023
    Egypt participates in Earth Hour initiative 
    Egypt participates in Earth Hour initiative 
    March 26, 2023
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CIB opens subscription for first green bond issuance in Egyptian market
Share
Notification
Latest News
Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis.
When banks go bust: the four factors at play – trust, confidence, contagion and systemic risk
Business Opinion
Meet Yehia Abouseif: Artist and designer hailing from Cairo and now based in New York
Meet Yehia Abouseif: Artist & designer hailing from Cairo and now based in New York
Culture
Research centres define optimal investment portfolio amid high inflation
Research centres define optimal investment portfolio amid high inflation
Business
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Business
Abu Dhabi Islamic Bank - Egypt achieves net profit of EGP 2.190bn in 2022
Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
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 > CIB opens subscription for first green bond issuance in Egyptian market
Business

CIB opens subscription for first green bond issuance in Egyptian market

Hossam Mounir
Last updated: 2021/07/01 at 9:15 PM
By Hossam Mounir 3 Min Read
Share
The Commercial International Bank (CIB) announced, on Tuesday, that it has been included on the 2021 Bloomberg Gender-Equality Index (GEI).
SHARE

The Commercial International Bank (CIB) – Egypt has opened the door for subscription for the first green bond issuance in the Egyptian market, after obtaining the initial approval from the Financial Regulatory Authority (FRA).

The bank explained, in a statement to the Egyptian Exchange on Wednesday, that the value of the private placement amounts to $100m in the form of five-year bonds with a fixed and non-refundable return.

CIB pointed out that the International Finance Corporation (IFC) confirmed its commitment to subscribing to the entire value of the issuance.

He added that the proceeds will be used to finance a portfolio of green loans offered by the Commercial International Bank to its clients of institutions and small and medium enterprises, in addition to financing capital expenditures for the bank’s green buildings, at a rate of up to 20% of the total proceeds. The proceeds of these bonds will be directed to a variety of climate change mitigation initiatives, including green building construction, energy efficiency, use of renewable energy sources, water and wastewater management, and clean transportation.

The said that the issuance of this type of bond is an integral part of CIB’s mission to support customers who are looking to make more sustainable investment options, and will contribute to consolidating the positive impact on the environment in the fabric of its credit policy and decision-making regarding lending and investment decisions.

The bank announced that it will launch the Green Bond Framework this week, which defines the criteria for using the issuance proceeds, the conditions for obtaining financing, the selection criteria for projects to be financed through loans granted to customers, and managing the issuance proceeds in addition to preparing reports and evaluating the effects resulting from these financings.

It explained that the Moody’s International Company, Viggio Iris, has revised this framework, which is in line with the principles of the green bonds of the International Capital Market Association issued in 2018. CIB will play the role of the offering manager, provided that Zulficar Law Firm will act as the legal advisor and Deloitte will play the role of reviewer.

You Might Also Like

When banks go bust: the four factors at play – trust, confidence, contagion and systemic risk

Research centres define optimal investment portfolio amid high inflation

Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate

Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022

JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’

TAGGED: CIB
Share this Article
Facebook Twitter Email Print
Previous Article International support needed for financial sector in emerging economies to deal with climate change: EBRD 
Next Article Egypt agrees $540m compensation for Suez Canal obstruction incident
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis.
When banks go bust: the four factors at play – trust, confidence, contagion and systemic risk
Business Opinion
Meet Yehia Abouseif: Artist and designer hailing from Cairo and now based in New York
Meet Yehia Abouseif: Artist & designer hailing from Cairo and now based in New York
Culture
Research centres define optimal investment portfolio amid high inflation
Research centres define optimal investment portfolio amid high inflation
Business
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
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?