AfDB allocates $148mln to CIB Egypt for SMEs, trade enhancement

The African Development Bank (AfDB) has granted a financial package to Commercial International Bank (CIB – Egypt) of $148 million to support small and medium enterprises (SMEs) in Egypt, according to a statement on Thursday.

The financial package will also facilitate trade in order to helping CIB meet the foreign currency requirements of its clients across diverse sectors, the statement further added.

The funding includes a $10 million line of credit with a tenor of 10 years, a $90 million subordinated loan also with a tenor of 10 years, and a $32 million trade finance line of credit lasting 3.5 years,

It also contains an additional $16 million trade finance line of credit from the Africa Growing Together Fund (AGTF) with a 3.5-year tenor, according to AfDB’s statement.