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.