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IFC Invests $100 million to Strengthen Egypt’s Banking Sector, Improve Resilience


In Cairo:
Riham Mustafa
Phone: (202) 555-2121
E-mail: rmustafa@ifc.org

Cairo, Egypt, November 28, 2017—IFC, a member of the World Bank Group, is investing $100 million to strengthen the capital base of Commercial International Bank (CIB), a leading Egyptian private bank. The financing will support CIB’s growth strategy and help scale-up its lending to clients, including local enterprises, which will help ensure job preservation and create more jobs within various sector.

The financing marks IFC’s first subordinated loan to a local bank in Egypt, following recent regulations introduced by the central bank. This allows IFC and other international financial institutions to support the capital base of local banks to help them increase lending.

“A solid banking sector is key to driving economic growth and improving access to finance,” said Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa. “The investment will help a long-term partner boost lending to different sectors including small and medium firms, while also helping to strengthen the country’s financial sector as a whole.”  

CIB is Egypt's largest private bank by assets and customer deposits, with a 194-branch network and 6,474 employees. IFC has had a long-standing relationship with CIB since 1993, pioneering investments and co-investments that have shaped the profile of Egypt's financial sector over the last 24 years.

Egypt is among IFC’s largest investment portfolios in MENA. Between fiscal years 2006 and 2017, IFC’s investments in Egypt reached $2.9 billion, including financing mobilized from other investors.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org

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About CIB


Commercial International Bank (CIB) Egypt is the country’s leading private-sector bank and was rated the world’s best bank in the emerging markets in 2017 by Euromoney. It offers a broad range of innovative retail and corporate products and services to fulfill the needs of its customers: institutions, households and high-net-worth individuals, through a well-established network of branches exceeding 194 outlets across Egypt. CIB is the bank of choice for over 500 of Egypt’s largest corporations, thanks to its strong brand equity. Through superior management, operating standards, corporate governance best practices and training programs, CIB has succeeded in positioning itself as the “Bank To Trust” and Egypt’s most profitable bank.