As Citi marks 50 years of operations in Egypt, the global banking group is reaffirming its long-term commitment to the country’s economic transformation and integration into global markets.
In an exclusive interview, Ernesto Torres Cantú, Citi’s Head of International, discusses the bank’s long-standing role in Egypt—from sovereign financing and capital markets development to green finance. Cantú shares Citi’s perspective on the evolving global investment landscape, the promise of Egypt’s economic reforms, and how Citi is positioning itself in a more digital, fragmented, and sustainability-driven world.
How much financing has Citi provided to Egypt since it began operations here, and in which sectors have you focused the most?
Citi’s vision is to be the preeminent banking partner for clients with cross-border needs. Global corporations value our physical presence in more than 90 markets, including Egypt, where we’ve served clients for five decades.
We’re proud to have built strong relationships with regulators, corporates, and financial institutions in Egypt. Our team, led by Mohamed Abdel Kader—who is celebrating 30 years with Citi this year—has deep local expertise and a clear understanding of how to navigate the market environment.
We’ve been a key player in the development of Egypt’s capital markets and have supported both multinational and local corporates, financial institutions, and global custodians. Citi has also played an active role in sovereign financing—acting as joint lead and bookrunner for most of Egypt’s Eurobond issuances over the past decade—and we’re one of the top hedging banks for the Egyptian government.
In addition, our custody services have helped facilitate foreign investor participation in local debt markets. Innovations in payments and transaction services have improved liquidity and financial flows, benefiting both the public and private sectors.
It’s a privilege to operate in Egypt, and we deeply value the trust placed in us by our clients and government partners.
What are Citi’s expectations for future investments and capital inflows into Egypt?
Egypt’s economy has shown resilience, particularly over the past year, with increased investment flowing into key sectors such as construction, tourism, and industry. A more flexible exchange rate and higher interest rates have contributed to improved capital inflows.
Looking ahead, continued investment in infrastructure, energy, and technology—combined with efforts to manage inflation—will support a more diversified and sustainable economic model.
What is the strategic significance of your visit to Egypt at this time?
My visit coincides with Citi Egypt’s 50th anniversary—a significant milestone that reflects our enduring commitment to the country. Citi has been closely involved in Egypt’s financial evolution, from supporting landmark transactions to advancing capital markets. We’re here to reaffirm our long-term presence and to look ahead at how we can continue supporting Egypt’s growth story.
Many emerging markets face a “green premium” when issuing sustainable bonds. How can countries like Egypt access ESG financing more competitively?
Green bonds in emerging markets typically come at a yield premium compared to those in developed markets. This is often tied to the issuer’s credit quality and sovereign ratings.
All else equal, a green bond and a conventional bond from the same EM issuer would price similarly, with the green bond potentially yielding slightly less due to investor appetite for ESG instruments. The key is to continue strengthening the fundamentals and credibility behind these issuances, which Egypt has been doing.
In the MEA region, where infrastructure and digital finance are rapidly expanding, how is Citi positioning itself?
In infrastructure, we’ve financed major projects across the region. For example, we provided funding for renewable energy initiatives in South Africa, supporting essential public services and development goals.
On the digital front, Citi is adopting instant payment systems and leading innovations in digital banking. Our aim is to make money movement instant, programmable, and frictionless. We’re exploring tokenization and expanding automated trade finance and digital collections by integrating with local e-payment platforms.
Citi has committed $1trn in sustainable finance by 2030. How does Egypt and the wider MENA region fit into that ambition?
Egypt is clearly aligned with this ambition. The government’s support for renewable energy and its landmark green bond issuance reflect a strong national commitment to sustainability.
Citi has supported these efforts directly, including leading Egypt’s first sovereign green bond in 2020, which raised $750m and was five times oversubscribed. This shows strong investor appetite for well-structured green instruments out of Egypt.
We continue to advise on capital raising and connect global ESG investors to opportunities in renewable energy and sustainable infrastructure across the MENA region.
Do you believe we are witnessing the end of globalization, or simply the beginning of a more fragmented global economy?
We’re seeing a shift in the structure of global trade and capital flows—not the end of globalization, but a transition to a more complex, multipolar system.
This creates new opportunities for countries like Egypt. The development of logistics hubs, such as the Suez Canal Economic Zone, combined with digital transformation and a young, tech-savvy population, position Egypt well to play a larger role in global supply chains.
Citi’s global network was built for times like this—to help clients adapt, navigate volatility, and capitalize on emerging opportunities.
With rising geopolitical and economic uncertainty, how is the role of global banks like Citi evolving?
The ability to adapt quickly has never been more important. Businesses need partners who can help them manage uncertainty while still finding ways to grow. Citi’s long-standing presence in many markets—and our extensive global footprint—allow us to support clients expanding into new geographies with both local knowledge and global expertise.
Whether you’re a CEO or CFO looking to launch operations in a new country, you need a bank that can sit with you today and start solving problems. That’s our edge—we’re on the ground and ready to move.
At the same time, risk management remains a core focus. We are carefully navigating geopolitical risks and exploring the impact of emerging technologies like AI on banking and client services.
How are global capital flows shifting, and what role is Citi playing in enabling them?
The United States continues to attract the lion’s share of global capital, and we’re actively supporting inbound FDI and outbound trade flows from emerging markets.
At the same time, we’re seeing a shift in many emerging markets toward raising funds through local currency bonds and equity markets rather than traditional foreign currency lending. Citi plays an important role in helping countries access international capital markets and understand how global monetary policy affects these flows.
How is Citi preparing for the digital and AI-driven future of global banking?
We’re already using generative AI at scale. Around 175,000 employees across 80 jurisdictions are currently using Citi GenAI tools, with plans to expand further.
This is transforming how we work—enhancing client experience, accelerating internal processes, and improving decision-making. For instance, we’re using GenAI to optimize client call routing and to automate the production of complex credit reports.
AI is becoming integral to how we serve clients, operate globally, and build the future of banking.
