CIB, IFC pen $150M financing agreement to back MSMEs growth
Updated 11/25/2024 6:06:00 AM
Arab Finance: The Commercial International Bank - Egypt (CIB) has signed a $150 million concessional development financing agreement with the International Finance Corporation (IFC) to support micro-, small-, and medium-sized enterprises (MSMEs), as per a statement by the Egyptian Ministry of Planning and Economic Development, and International Cooperation.
The partnership is intended to expand CIB’s ability to provide financial support for MSMEs and align with broader efforts to achieve sustainable economic development in Egypt.
The agreement builds on previous collaborations with the IFC, including a $100 million investment in Egypt’s first private-sector green bond in 2021, which financed environmentally friendly projects.
Since it began operations in Egypt in 1975, the IFC has invested nearly $9 billion in projects and maintains an advisory portfolio worth $24 million.
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