CIB on track to issue Egypt’s first green bonds in October

CIB’s USD 65 mn in green bond issuance take place in October after finalizing the due diligence process, Heba Abdellatif, head of debt capital markets at CIB, told Enterprise. CIB has been working in collaboration with the International Finance Corporation (IFC) to issue Egypt’s first green bonds offering through a private placement, which will see the IFC invest USD 65 mn in the first tranche of the five-year bonds. If successful, the IFC will bring its investment up to USD 100 mn in another tranche, Abdellatif told us back inJune. The government, meanwhile, has been working to issue up to USD 500 mn of green bonds in FY2020-2021, Assistant Finance Minister for Debt Khaled Abdel Rahman told us.