CIB lands EBRD loan: EGX-listed CIB, the nation’s leading private-sector bank, is getting a USD 150 mn subordinated loan from the European Bank for Reconstruction and Development (EBRD) to strengthen its tier II capital, support growth, and protect it from external economic shocks, according to the lender’s website. The exact terms of the loan were not disclosed.

What they said: “This subordinated loan will not only help CIB further boost its capital base but also support our ambitious growth plans and unlock numerous opportunities the Egyptian market has to offer,” CIB Chairman Hisham Ezz El Arab said.

ICYMI- CIB has been hit by a raft of sovereign credit downgrades:Moody’s, S&P, and Fitch have all downgraded the bank’s credit ratings deeper into junk territory over the past month due to its exposure to government debt.

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