CIB is getting a helping hand from the IFC for its green push: Egypt’s largest private lender, CIB, will receive a USD 100 mn loan from the World Bank’s private investment arm the International Finance Corporation (IFC) to help fund the bank’s climate finance endeavors, CIB’s head of financial institutions Heba Abdel Latif told Bloomberg on Sunday.

Where’s the money going? The seven-year USD 100 mn loan aims to fund unidentified climate-friendly projects that include water treatment and efficiency, green buildings, renewables, and sustainable agriculture projects, Abdel Latif said.

REFRESHER- The loan expands on CIB’s USD 100 mn green bond issuance in 2021, which saw the IFC fully subscribe to the bonds, according to Abdellatif. CIB said at the time that it would use the proceeds from the country’s first-ever corporate green bond issuance to finance businesses looking to invest in green buildings, renewable energy, and other eco-friendly solutions.

More IFC funds coming CIB’s way: The bank will also receive a 10-year USD 150 mn Tier 2 facility from the IFC to “provide capital support for the bank’s sustainable growth plans,” Abdel Latif says. It is unclear whether the funds will be used to scale CIB’s growth plans or be used to greenify operations. According to the IFC’s website, CIB will “use the funding and capital support to grow its climate and MSME finance operation.” The loans were agreed upon on 26 June, the website showed.

And that’s not all: CIB is also in talks with other development financial institutions for additional green financing this year to “support our clients on their transition path,” Abdel Latif said, without providing further details.

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