PROJECT

Projects

Summary of Proposed Investment

Project Number

24681

Company Name

COMMERCIAL INTERNATIONAL BANK SAE

Date SPI Disclosed

Feb 6, 2006

Country

Egypt, Arab Republic of

Industry

Financial Markets

Projected Board Date

Mar 2, 2006

Status

Completed

Sector

Commercial Banking - General

Department

Regional Industry - FIG Africa

Environmental Category

FI

Previous Events

Approved : Mar 2, 2006
Signed : Mar 27, 2006
Invested : Mar 31, 2006

Project Description

As part of Egypt’s privatization and reform program, the National Bank of Egypt (NBE) is seeking to sell its 18.7% stake in Commercial International Bank (CIB) to a suitable investor with a vision and capacity to continue the development of the Bank into a well diversified domestic institution and a strong regional player. IFC is considering supporting this privatization. In addition, IFC is considering extending other credit products and technical assistance to CIB to support its growth plans in the SME, housing, and sustainable finance sectors. IFC’s total investment would be about $50 million.

Sponsor / Cost / Location

Development Impact