{"id":78340,"date":"2023-07-09T22:31:04","date_gmt":"2023-07-09T22:31:04","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/07\/09\/egypts-cib-will-receive-usd-100-mn-from-ifc-to-boost-climate-financing\/"},"modified":"2023-07-09T22:31:04","modified_gmt":"2023-07-09T22:31:04","slug":"egypts-cib-will-receive-usd-100-mn-from-ifc-to-boost-climate-financing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/07\/09\/egypts-cib-will-receive-usd-100-mn-from-ifc-to-boost-climate-financing\/","title":{"rendered":"Egypt\u2019s CIB will receive USD 100 mn from IFC to boost climate financing"},"content":{"rendered":"

<\/a> CIB is getting a helping hand from the IFC for its green push:<\/strong> Egypt\u2019s largest private lender, CIB, will receive a USD 100 mn loan from the World Bank\u2019s private investment arm the International Finance Corporation (IFC) to help fund the bank\u2019s climate finance endeavors, CIB\u2019s head of financial institutions Heba Abdel Latif told Bloomberg<\/a> on Sunday.<\/p>\n

Where\u2019s the money going?<\/strong> 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.<\/p>\n

REFRESHER- <\/strong>The loan expands on CIB\u2019s USD 100 mn green bond issuance in 2021, which saw the IFC fully subscribe<\/a> to the bonds, according to Abdellatif. CIB said at the time that it would use the proceeds from the country\u2019s first-ever corporate green bond issuance to finance businesses looking to invest in green buildings, renewable energy, and other eco-friendly solutions.<\/p>\n

More IFC funds coming CIB\u2019s way:<\/strong> The bank will also receive a 10-year USD 150 mn Tier 2 facility from the IFC to \u201cprovide capital support for the bank\u2019s sustainable growth plans,\u201d Abdel Latif says. It is unclear whether the funds will be used to scale CIB\u2019s growth plans or be used to greenify operations. According to the IFC\u2019s website<\/a>, CIB will \u201cuse the funding and capital support to grow its climate and MSME finance operation.\u201d The loans were agreed upon on 26 June, the website showed.<\/p>\n

And that\u2019s not all:<\/strong> CIB is also in talks with other development financial institutions for additional green financing this year to \u201csupport our clients on their transition path,\u201d Abdel Latif said, without providing further details.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIB is getting a helping hand from the IFC for its green push: Egypt\u2019s largest private lender, CIB, will receive a USD 100 mn loan from the World Bank\u2019s private investment arm the International Finance Corporation (IFC) to help fund the bank\u2019s climate finance endeavors, CIB\u2019s head of financial institutions Heba Abdel Latif told Bloomberg […]<\/p>\n","protected":false},"author":1,"featured_media":78341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[1302,83,11,164,162,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-cib","tag-debt-watch","tag-enterpriseclimate","tag-green-finance","tag-ifc","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"8c1898dc-c12c-41d6-ae68-85ea2597d4ef","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/CIB-branch-1600px.jpg","photo_position":"above","related_issue":[78335],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s 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