Arab Finance: The European Bank for Reconstruction and Development (EBRD) has approved a $150 million subordinated loan to the Commercial International Bank (CIB), as per a statement by the EBRD.

The loan will be used to support CIB’s Tier II capital to back its growth outlook, enhance its capital structure, and improve its ability to better withstand external economic shocks.

“This subordinated loan will contribute to reinforcing CIB’s overall capital base and support the stability of a systemically important market player in Egypt,” EBRD’s First Vice President Jürgen Rigterink commented.

“This subordinated loan will not only help CIB further boost its capital base but also support our ambitious growth plans and unlock numerous opportunities the Egyptian market has to offer,” Chairman of CIB Hisham Ezz El Arab said.

It is worth mentioning that EBRD has invested over €11 billion in 169 projects in Egypt since 2012, nearly 80% of these projects are in the private sector.

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