Egypt - "Commercial International Bank (CIB)"

The project is a financial package of USD 148 million from the African Development Bank and the Africa Growing Together Fund (AGTF) to Commercial International Bank (CIB) of Egypt composed of three debt facilities: a long-term line of credit of USD 10 million with a tenor of 10 years, a subordinated loan of USD 90 million with a tenor of 10 years and a trade finance line of credit of USD 48 million with a tenor of 3.5 years. The resources of the loans to CIB will be utilised (i) to fund small and medium-sized enterprises (SMEs) and corporates in strategic sectors including agriculture, agribusiness, manufacturing, services, ports, logistics, renewable energy and water desalination (ii) strengthening CIB’s capital base and (iii) funding trade including with the rest of Africa for the export and import of food, pharmaceuticals, electronics and consumer durable goods. In an environment characterized by liquidity squeeze and foreign currency shortages, the funding will prove countercyclical and will help CIB grow its lending portfolio leveraging the medium and long maturities of the different instruments.