Fresh financing for Al Baraka Bank from the ICD: Egypt’s Al Baraka Bank is set to receive a USD 30 mn loan from the Islamic Corporation for the Development of the Private Sector (ICD), according to a statement. The funding accounts for a first tranche of a five-year sharia-compliant finance from the ICD, which is part of the Islamic Development Bank (IsDB) group.

Why now? The loan will be used to finance green and sustainable projects for private sector companies, Al Borsa cites Al Baraka Bank CEO Hazem Hegazy as saying. The step is part of the bank’s plan to expand in financing sustainable projects that cut carbon emissions, he said, adding that the bank currently owns a vast portfolio in green and sustainable financing including renewables and waste management.

IsDB is no stranger to funding sustainability: The IsDB said in April that it will provide c. USD 403 mn for three projects in Egypt, Kyrgyzstan, and Tajikistan under efforts to back socio-economic development and promote sustainable energy and transport. Egypt is receiving the biggest chunk of the funds, with the bank set to provide EUR 318 mn in financing for its 660-km first phase of the Sokhna-Alexandria high-speed rail line.

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