CIB Egypt secures $148M loan from AfDB to back SMEs

Updated 11/30/2023 1:11:00 PM
CIB Egypt secures $148M loan from AfDB to back SMEs

Arab Finance: The Commercial International Bank (CIB) has borrowed $148 million from the African Development Bank (AfDB) to support small- and medium-sized enterprises (SMEs) and bolster African trade, AfDB stated on November 30th.

The loan comprises $10 million line of credit with a tenor of 10 years, $90 million subordinated loan with a tenor of 10 years, $32 million trade finance line of credit with a tenor of 3.5 years, and $16 million trade finance line of credit from the Africa Growing Together Fund (AGTF) with a tenor of 3.5 years.

The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors, the statement read.

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