Prime Egypt Financial institution will get $250 million in loans with eye on inexperienced work

The financial institution additionally signed a 7-year $100 million mortgage to finance a pipeline of environment-friendly tasks that embody water remedy and effectivity, inexperienced buildings and renewables, in addition to sustainable agriculture tasks.

The brand new funding builds on CIB’s $100 million inexperienced bond issuance in 2021, which was absolutely subscribed to by the IFC, stated Abdel Latif.

Egypt’s largest listed lender can be in discussions with different improvement monetary establishments to boost further inexperienced financing this 12 months to “help our purchasers on their transition path,” she stated.

The IFC loans are “an acknowledgment of CIB proactive deal with ESG, in addition to on small and medium-sized, and women-led companies entry to finance,” stated Abdel Latif, including that the funds it secured will assist it with increasing such actions.