{"id":655822,"date":"2024-11-25T00:00:00","date_gmt":"2024-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/ifc-commits-usd-300-mn-to-sustainability-bond-issuance-usd-155-mn-in-green-financing-to-orascom-development-usd-150-mn-to-the-cib-for-sme-on-lending\/"},"modified":"2024-11-25T00:00:00","modified_gmt":"2024-11-25T00:00:00","slug":"ifc-commits-usd-300-mn-to-sustainability-bond-issuance-usd-155-mn-in-green-financing-to-orascom-development-usd-150-mn-to-the-cib-for-sme-on-lending","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/ifc-commits-usd-300-mn-to-sustainability-bond-issuance-usd-155-mn-in-green-financing-to-orascom-development-usd-150-mn-to-the-cib-for-sme-on-lending\/","title":{"rendered":"IFC commits USD 300 mn to sustainability bond issuance, USD 155 mn in green financing to Orascom Development, USD 150 mn to the CIB for SME on-lending"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The International Finance Corporation\u2019s (IFC) Africa head S\u00e9rgio Pimenta\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3694d38c-bfec-409b-b6b1-24cc6bd9f9a1\/customs-clearance-times-slashed-to-two-days-by-2025%3F\" style=\"\" rel=\"noopener\">trip to the<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3694d38c-bfec-409b-b6b1-24cc6bd9f9a1\/customs-clearance-times-slashed-to-two-days-by-2025%3F\" style=\"\" rel=\"noopener\">country<\/a><\/strong><strong> is making the headlines<\/strong>, with the private-sector focussed World Bank Group member helping launch the country\u2019s first ever sustainability bond issuance, green financing for Orascom Development in El Gouna, and an on-lending package to CIB to fund local SMEs.<\/p>\n<p class=\"tag-border-left\"> IFC SUPPORTS AAIB\u2019s USD 500 MN SUSTAINABILITY BOND ISSUANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IFC commits the lion\u2019s share of USD 500 mn sustainability bond issuance:<\/strong> The Arab African International Bank (AAIB) has issued a USD 500 mn sustainability bond with the majority of funds covered by the International Finance Corporation, alongside the European Bank for Reconstruction and Development (EBRD) and the UK government\u2019s British International Investment (BII), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/2259.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The bonds will work to increase \u201caccess to finance to businesses and projects that help reduce greenhouse gas emissions or otherwise protect the environment,\u201d while also helping address Egypt\u2019s growing \u201cfinancing needs for MSMEs,\u201d the statement read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the first ever issuance of sustainability bonds in Egypt<\/strong>, and also holds the title for being the largest ever sustainability bond issuance by a private bank on the continent, according to the statement. The bonds will have a duration of five years, according to a <a target=\"_blank\" href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/48908\/dcm-arab-african-international-bank\" style=\"\" rel=\"noopener\">project summary<\/a> from the IFC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><font face=\"Arial\"><strong>The breakdown:<\/strong> The IFC subscribed to the bond with USD 300 mn, while the ERBD and BII each invested some USD 100 mn in the bond. Of the total amount, 75% of the bond\u2019s proceeds will be allocated to green financing \u2014 with the statement namechecking industrial energy-efficiency, small-scale renewable energy projects, and green buildings \u2014 while the remaining 25% will go towards providing financial assistance to MSMEs and inclusive finance.<\/font><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: \u201c<\/strong>As the largest investor in the country\u2019s first sustainability bond issued by AAIB, we are empowering a greener, more climate-resilient future for Egypt and contributing to the country\u2019s climate commitments,\u201d said IFC Africa head S\u00e9rgio Pimenta.<\/p>\n<p class=\"tag-border-left\"> IFC TO PROVIDE USD 155 MN IN GREEN FINANCING FOR ORASCOM DEVELOPMENT EGYPT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>El Gouna set for a sustainability boost, courtesy of the IFC:<\/strong> The International Finance Corporation (IFC) is set to provide Orascom Development Egypt (ODE) with a sustainability linked loan equivalent to some USD 155 mn to help the firm \u201cimprove energy and water efficiency and reduce greenhouse gas (GHG) emissions\u201d across a number of its hotels in El Gouna, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/2254.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The loan will be split between two tranches of USD 96 mn and EUR 55 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The funds will go a long way in reducing ODE\u2019s energy consumption<\/strong>, with the loan set to help the firm reduce its energy consumption at its hotels by 50% from non-renewable energy sources, and will lessen water usage by at least 20% \u2014 which will be done using heat pumps, solar heaters, and by implementing water conservation measures, according to the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It will also help support ODE\u2019s growth opportunities in El Gouna,<\/strong> with the funds set to help fund renovations of its M\u00f6venpick Resort and Spa El Gouna. The IFC will also help ODE\u2019s Gouna hotels achieve EDGE certification \u2014 \u201can IFC innovation that scales up resource-efficient buildings.\u201d Part of the funds will also go towards improving the company\u2019s debt profile and refinancing existing debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A big step for tourism in El Gouna:<\/strong> The agreement represents a \u201cnew and sustainable path\u201d for Egypt\u2019s tourism sector, Planning and International Cooperation Minister Rania Al Mashat commented in a separate ministry <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/ar\/news\/1843?fbclid=IwY2xjawGwTwNleHRuA2FlbQIxMAABHStsNR5KVmoM[%E2%80%A6]Vrox4N_BgQYqO7uq2UgHR5R6GyYOnmpl1kdg_aem_4eBG97JEZyyyH7iKNo5P0w\" style=\"\" rel=\"noopener\">statement<\/a>. Al Mashat added that the agreement \u201creinforces (El Gouna\u2019s) position as a global destination for sustainable tourism, not only within Egypt but across the region.\u201d<\/p>\n<p class=\"tag-border-left\"> IFC PROVIDES CIB WITH USD 150 MN IN FINANCING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IFC grants CIB USD 150 mn in financing for SMEs: <\/strong>The IFC has inked an agreement with private sector lender CIB that will see it grant the bank some USD 150 mn in soft financing aimed at supporting CIB\u2019s efforts to promote micro and small and medium-sized enterprises, including women-led MSMEs (WMSMEs), according to separate statements from the <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/ar\/news\/1844\" style=\"\" rel=\"noopener\">Planning and International Cooperation Ministry<\/a> and <a target=\"_blank\" href=\"https:\/\/www.ifc.org\/en\/pressroom\/2024\/ifc-extends-partnership-with-cib-to-strengthen-egypt-s-financial-sector-and-small-businesses\" style=\"\" rel=\"noopener\">IFC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IFC subscribed to the bond with USD 300 mn, while ERBD and BII each invested some USD 100 mn in the bond<\/p>\n","protected":false},"author":1,"featured_media":655823,"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":[7576],"tags":[430,2184,7106,101,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-arab-african-international-bank","tag-british-international-investment","tag-debt","tag-development-finance","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"0d236dd3-447b-4449-a68e-3207a0df2835","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/755.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IFC commits USD 300 mn to sustainability bond issuance, USD 155 mn in green financing to Orascom Development, USD 150 mn to the CIB for SME on-lending","related_issue":[655817],"teaser":"IFC subscribed to the bond with USD 300 mn, while ERBD and BII each invested some USD 100 mn in the bond","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f3557ee1-4706-483e-89c9-e5c0ccce247e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IFC commits USD 300 mn to sustainability bond issuance, USD 155 mn in green financing to Orascom Development, USD 150 mn to the CIB for SME on-lending - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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