AAIB SL (IFC-37161)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 15, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Arab African International Bank
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 25, 2018

Disclosed by Bank Mar 24, 2016


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to IFC website, the project involves a senior loan of up to US$100 million and a line under the Global Trade Finance Program (GTFP) to Arab African International Bank (AAIB or the Bank) to target medium enterprises and Sustainable Energy Finance (the Project). AAIB is one of the top five banks operating in Egypt with total assets of US$13 billion as of 30 September 2015. The Bank was established in 1964 as a joint venture between the Egyptian General Institution for Banks in the United Arab Republic (replaced by the Central Bank of Egypt or CBE) and the Ministry of Finance and Industry of Kuwait represented by the Kuwait Investment Authority (KIA). AAIB is a commercial bank that provides financial services to both corporate and retail clients, and operates through a network of 83 branches.

People Affected By This Project

Send an important signal of support to the Egyptian banking sector during a transformational period for Egypt and provide medium term FCY financing to the Bank, which is not readily available in the market.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Arab African International Bank (AAIB) is one of the top five banks operating in Egypt with total assets of US$13 billion as of 30 September 2015. The Bank was established in 1964 as a joint venture between the Egyptian General Institution for Banks in the United Arab Republic (replaced by the Central Bank of Egypt or CBE) and the Ministry of Finance and Industry of Kuwait represented by the Kuwait Investment Authority (KIA). AAIB is a commercial bank that provides financial services to both corporate and retail clients, and operates through a network of 83 branches.

AAIB is 49.37% owned by KIA and 49.37% by CBE. The remaining 1.26% are held by a number of minority shareholders.

Contact Information

Project Contact: Ms. Nevine Sabbour
Assistant Managing Director
Head of Business Strategies & Finance Group
5 Midan Al-Saraya Al-Koubra, Garden City, Cairo, Egypt.
Telephone No.: +202 27924177
Fax: +202 27925455

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/