Finance Egypt’s largest private bank gets $150m capital top-up By Pramod Kumar November 17, 2023, 5:33 AM Unsplash.com The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the country The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base. The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a statement. Egypt inflation eases on lower food prices Egypt must weigh up finance woes with key role in conflict Development bank backs Egyptian entrepreneurs The subordinated loan will reinforce CIB’s overall capital base and support the stability of Egypt’s systemically important market player, EBRD First Vice President Jürgen Rigterink said. CIB chairman Hisham Ezz El Arab added that the loan will support the bank’s growth plans, unlocking numerous opportunities in the Egyptian market. Since 2012, the EBRD has invested more than €11 billion ($11.93 billion) in 169 projects in Egypt, with almost 80 percent of its portfolio in private sector projects. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
