As stated by the EBRD, the project consists of the provision of a subordinated loan of up to USD 150 million in favor of Commercial International Bank (CIB) to support its expansion efforts and strengthen its capital buffers.
The project will help strengthen CIB's Tier II capital to support its growth, optimize its capital structure, as well as hedge against further erosion of the bank's capital base as a result of market volatility.
As part of the ongoing cooperation with CIB, a framework agreement will be signed that would see CIB allocate, from its own funds, up to USD 31.5m to finance eligible green residential, commercial, energy, sustainable tourism, sustainable agriculture, pollution prevention, cleaner production, resource efficiency, renewable energy and infrastructure projects. Thereby, accelerating Egypt's green transition strategy.
As stated by the EBRD, CIB is the largest private bank in Egypt, and third largest overall, with a total asset base of USD 25.8bn, as at June 2023.
Financial Intermediary - Commercial International Bank SAE:
ACCESS TO INFORMATION
You can request information by emailing: email@example.com or by using this electronic form: https://www.ebrd.com/eform/information-request
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
You can contact the PCM at: firstname.lastname@example.org or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html