EBRD is providing a subordinated loan of up to $100m to Commercial International Bank (CIB) to strengthen CIB’s capital base and support the growth of the bank’s lending in Egypt.
The subordinated loan qualifies as Tier II capital under the recently modified regulations of the Central Bank of Egypt. It is the second time under the new regulations that a third-party lender is providing a loan of this kind to an Egyptian bank.
Janet Heckman, EBRD managing director for the southern and eastern Mediterranean region, said, “We are pleased to intensify our partnership with CIB. Through this loan, we support our partner’s growth plans, which can bring significant benefits to the country.”
Commenting on the signing, CIB’s chairperson and managing director, Hisham Ezz El-Arab, said, “This 10-year loan will allow us to maintain our exceptional capital ratios, add diversity to the capital base, position CIB for strong growth in the future, and support our clients.