PROJECT

Projects

Summary of Investment Information

Project Number

43061

Company Name

COMMERCIAL INTERNATIONAL BANK SAE

Date SPI Disclosed

Jun 10, 2020

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Jul 15, 2020

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 30, 2022

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Aug 25, 2020
Signed : Jun 28, 2021
Invested : Jul 12, 2021

Sector

Commercial Banking - General

Additional Project Attributes

Blended Finance

Project Description

The Proposed project comprises of IFC’s subscription of up to US$65 million in the first tranche of Commercial International Bank’s (CIB or the “Bank”) first senior green bond program of US$100 million in Egypt, with 5 years maturity (the “Project”). IFC will subscribe to the first tranche which will take place through a private placement. Subsequently, IFC will work with stakeholders on listing future bond issuances.

Associated Advisory Engagement

IFC will share its global expertise in climate finance and further build CIB capacity on climate finance’s eligibility criteria, greenhouse gas emission savings calculation, green bond reporting and green building financing.                                                                                                  

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation