CIB Subdebt (IFC-39595)

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
Proposed
Bank Risk Rating
U
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 16, 2017
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
COMMERCIAL INTERNATIONAL BANK SAE
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.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 20, 2017

Disclosed by Bank Nov 28, 2017


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Project Description
The project consists of a subordinated loan to the Commercial International Bank S.A.E Egypt (“CIB” or the “Bank”). This Tier 2 capital instrument is intended to add diversity to the Bank’s capital base and long-term growth prospects. Established in 1975 as a joint venture between Chase Manhattan Bank and the National Bank of Egypt, CIB is currently the leading private bank in the market, having a well-established franchise especially in the corporate segment, and it is also Egypt’s largest private bank by assets. The Bank offers The Bank offers comprehensive, wide-ranging financial products and services through a network of 194 branches and 6,474 employees, operating in all segments of Egypt’s banking sector: corporate, commercial, business banking, and retail wealth management, all of which are offered to customers through client-centric teams.
Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Abraaj Invest Mgmt Ltd Parent Company Industry and Trade owns Egyptian Fertilizers Co SAE Client Industry and Trade
Amiral Parent Company Transport owns Sokhna Port Bunkering Phase 3 PPP Client Transport
Commercial International Bank Investor Finance invests in Abraaj Invest Mgmt Ltd Parent Company Industry and Trade
Commercial International Bank Investor Finance invests in Amiral Parent Company Transport
Commercial International Bank Investor Finance invests in Attijariwafa Bank Parent Company Energy
Commercial International Bank Investor Finance invests in Dp World Sokhna Parent Company Water and Sanitation
Commercial International Bank Investor Finance invests in Egyptian Electricity Holding Parent Company Energy
Commercial International Bank Investor Finance invests in Egyptian Fertilizers Co SAE Client Industry and Trade
Commercial International Bank Investor Finance invests in Egyptian Gen Petro Corp Parent Company Mining
Commercial International Bank Investor Finance invests in Egyptian General Petroleum Corporation Parent Company Transport
Commercial International Bank Investor Finance invests in ENGIE Parent Company Energy
Commercial International Bank Investor Finance invests in Ministry of Finance (Egypt) Parent Company Transport
Commercial International Bank Investor Finance invests in Mizuho Financial Group Parent Company Energy
Commercial International Bank Investor Finance invests in Orascom Construction Industries Parent Company Energy
Commercial International Bank Investor Finance invests in Ras Ghareb Wind Energy Sae Client Energy
Commercial International Bank Investor Finance invests in Ras Ghareb Wind Farm (262.5MW) Client Energy
Commercial International Bank Investor Finance invests in Societe Generale Parent Company Energy
Commercial International Bank Investor Finance invests in Sokhna Port Bulk Liquid Parent Company Mining
Commercial International Bank Investor Finance invests in Sokhna Port Bunkering Phase 3 PPP Client Transport
Commercial International Bank Investor Finance invests in Toyota Group Parent Company Energy
Commercial International Bank Investor Finance invests in Toyota Tsusho Corp Parent Company Energy
ENGIE Parent Company Energy owns Ras Ghareb Wind Farm (262.5MW) Client Energy
Toyota Tsusho Corp Parent Company Energy owns Ras Ghareb Wind Energy Sae Client Energy

Contact Information
Commercial International Bank Mr. Hossam Rageh Head of Financial Institutions Group +202-3747-2021 hossam.rageh@cibeg.com 21/23 Charles De Gaulle St., Giza - P.O. Box 2430 Cairo www.cibeg.com 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/