Egypt’s CIB confirms taking a loan

The Commercial International Bank (CIB-Egypt) responded to the Egyptian Exchange (EGX) inquiring about the bank’s recent loan from the European Bank for Reconstruction and Development (EBRD) on Sunday.

The bank explained in the report submitted to the EGX that the loan value is $150,000,000. The bank further explained that the loan has a term to maturity of ten years.

The loan will be used to further optimise the bank’s capital structure, especially Tier II capital, reinforcing the bank’s growth prospects, and act as an extra cushion against any optional economic hindrances.

CIB’s chairman Hisham Ezz El Arab said “our strategic partnership with EBRD has proven to be a very valuable asset to CIB, especially in the most challenging of times.”

“It will also support our ambitious growth plans and unlock numerous opportunities the Egyptian market has to offer,” Ezz El Arab added.