CIB Egypt secures $148mln loan from AfDB to back SMEs

Mohamed Abd El Ghany

The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors

Staff Writer, Arab Finance

December 1, 2023

PHOTO

The Commercial International Bank (CIB) has borrowed $148 million from the African Development Bank (AfDB) to support small- and medium-sized enterprises (SMEs) and bolster African trade, AfDB stated on November 30th.

The loan comprises $10 million line of credit with a tenor of 10 years, $90 million subordinated loan with a tenor of 10 years, $32 million trade finance line of credit with a tenor of 3.5 years, and $16 million trade finance line of credit from the Africa Growing Together Fund (AGTF) with a tenor of 3.5 years.

The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors, the statement read.

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