November 12, 2020

CIB to issue green bonds before year-end


ArabFinance: Commercial International Bank - Egypt (CIB) plans to issue the first tranche of its green bonds worth $100 million (EGP 1.564 billion) before the end of 2020, the bank's head of debt capital markets Heba Abdel Latif said.

The first tranche is expected to be valued at $40-65 million, Abdel Latif added.

The International Finance Corporation (IFC) will cover the first tranche of the private placement, while other international institutions will participate in the future issuances.

Once the issuance succeeds, the IFC will bring its investment up to $100 million (EGP 1.566 billion) in an additional tranche.

The Central Bank of Egypt recently discharged Chairman and Managing Director of CIB-Egypt Hisham Ezz Al Arab after finding that the listed bank is invoking a clause in the newly-passed Banking Act.

CIB provides banking services across the country through more than 200 branches and units. The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.

arabfinance


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