The African Development Bank (AfDB) has approved a USD 148 mn financial package for CIB, which will be used to on-lend to its clients and strengthen its capital position, AfDB said in a statement on Thursday. The package includes a USD 90 mn subordinated loan and several lines of credit worth USD 58 mn, and will help the private-sector lender meet the FX needs of SMEs and corporates, according to the statement,

This part of a wider lending program: The AfDB’s country manager said last month the lender is lining up USD 349 mn of financing for public- and private-sector projects, USD 148 mn of which would be earmarked for on-lending to MSMEs and firms in the agriculture, renewables, desalination, and logistics sectors.

ICYMI- The AfDB last week signed off on a USD 131 mn support package for Egypt that will “promote private-sector development, support economic diversification and green transition.”

GIZA ZOO FACELIFT BACKED BY CHINESE FUNDS-

Military gets financing for Giza Zoo revamp: The Chinese Development Bank and the National Bank of Egypt will provide a EGP 832 mn long-term loan to the consortium of military-linked companies renovating the Giza Zoo and adjacent Orman botanical gardens, the Egyptian lender said in a statement (pdf) last week.

Remember: A consortium of companies including the National Authority for Military Production and Abnaa Sinai Construction and Building were awarded a 25-year contract last year to renovate and manage the historic sites.

Bernard Harrison as consultant + Worldwide Zoo for operations: Wildlife and ecotourism design company Bernard Harrison & Friends will serve as a technical consultant on the project, and the UAE-based Worldwide Zoo will carry out the operational work for the park, according to the statement read.

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