The Commercial International Bank (CIB) has secured loans from the World Bank’s International Finance Corporation (IFC) worth $250 million to support its capital and fund green projects, Bloomberg reported on Sunday.
“The first loan is a 10-year $150 million Tier two facility, aiming to provide capital support for CIB’s sustainable growth plans,” said Heba Abdel Latif, head of financial institutions at CIB.
The new funding builds on CIB’s $100 million green bond issuance in 2021, which was fully subscribed to by the IFC, Abdel Latif added.
The bank also signed a seven-year $100 million loan to finance a pipeline of environment-friendly projects, including water treatment and efficiency, green buildings and renewable, and sustainable agriculture projects.
“CIB is also in discussions with other development financial institutions for additional green financing this year to support our clients on their transition path,” Abdel Latif mentioned.
The IFC loans are an acknowledgment of CIB’s proactive focus on environmental, social, and governance (ESG), as well as on small and medium-sized and women-led businesses’ access to finance, Abdel Latif stated.
