Egypt’s CIB bank receives $100 mln loan from IFC to support businesses affected by COVID-19
The International Finance Corporation (IFC) provides a $100 million loan to the Commercial International Bank (CIB) to support to businesses disrupted by coronavirus pandemic.
The loan will help the bank increase support to clients and companies through providing short-term loans to corporations and businesses, including small and medium-sized enterprises (SMEs), facing liquidity challenges.
“Access to finance for thousands of SMEs in Egypt is crucial during this Covid-19 crisis. The IFC’s support for CIB will help ensure a continuous flow of financing and will support a quicker recovery for businesses,” IFC country manager for Egypt, Libya, and Yemen Walid Labadi said.
The loan is the IFC’s first in the Middle East and North Africa (MENA) region through its coronavirus fast-track financing facility.