Egypt’s CIB obtains $150-m loan to boost SMEs

The International Finance Corporation (IFC) signed a $150 million financing package for Commercial International Bank-Egypt (CIB) to enhance its capital base and support MSMEs, including women-owned businesses, across the country.

Minister of Planning and Economic Development and International Cooperation, Dr Rania El Mashat, said her ministry is committed to supporting small, medium, and micro-enterprises as vital contributors to job creation and GDP growth.

The agreement with CIB aims to strengthen its capacity to fund these projects, fostering economic growth and enhancing livelihoods nationwide, according to a statement published by the ministry on Monday.

In 2021, IFC invested $100 million in Egypt’s first green bond for CIB to support environmentally friendly projects, reduce greenhouse gas emissions, and promote the transition to a greener economy in the country.

Attribution: The Ministry of Planning and Economic Development statement

Subediting: M. S. Salama