PROJECT

Projects

Summary of Investment Information

Project Number

44017

Company Name

COMMERCIAL INTERNATIONAL BANK SAE

Date SPI Disclosed

Jun 16, 2020

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Mar 17, 2020

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Sep 30, 2022

Department

CF3ME - Regional Industry - FIG ME & Africa/FIG Inv Ops - Middle East

Industry

Financial Markets

Previous Events

Approved : Jun 25, 2020
Signed : Jun 30, 2020
Invested : Aug 14, 2020

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The proposed investment consists of a one-year senior loan, renewable once for a year, of up to US$100 million to Commercial International Bank’s (CIB or the Bank) under the COVID-19 Emergency Response WCS Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic.                                                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation