Our friends at the International Finance Corporation (IFC) are lending USD 250 mn to a private sector institution, giving Commercial International Bank two long-term loans worth a combined USD 250 mn to finance its capital and expand its green lending activities, the bank said in a statement (pdf) yesterday.

The IFC is extending a 10-year Tier 2 facility worth USD 150 mn to the EGX-listed bank, USD 90 mn of which will be used to refinance existing debt to the corporation and the remaining USD 60 mn to support the bank’s “sustainable growth plans.”

Expanding green lending: A second seven-year loan valued at USD 100 mn will support the bank’s lending to environmentally-friendly projects and MSMEs. These include water treatment and efficiency, renewable energy, green buildings, and sustainable agriculture.

Background: The lender signed off on the loans on 26 June, according to its website. The IFC is also providing advice to the bank to help it manage climate riskon its existing portfolio.

REMEMBER- The IFC covered all of the bank’s USD 100 mn green bond issuance in 2021.

The bank is looking to secure additional green finance this year, its head of financial institutions, Heba Abdel Latif, was quoted as telling Bloomberg.

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