According to bank provided information, the proposed project comprises of IFC’s subscription of up to US$65 million in the first tranche of Commercial International Bank’s (CIB or the “Bank”) first senior green bond program of US$100 million in Egypt, with 5 years maturity (the “Project”). IFC will subscribe to the first tranche which will take place through a private placement. Subsequently, IFC will work with stakeholders on listing future bond issuances. In addition, up to US$1.5 million from blended concessional finance could potentially be used to help incentivize and accelerate construction of green buildings in Egypt. This SII will be updated to reflect the details of the blended concessional finance component, once those are confirmed and become available.
The project involves IFC’s subscription of up to US$65 million in the first tranche in a senior green bond US$100 million program issued by CIB in Egypt, with the first tranche being privately placed with IFC.
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.
CIB is listed on the Egyptian Exchange (EGX) and has a free float of 93.45%. The Bank’s largest and only strategic shareholder is Fairfax Financial Holdings Ltd (“Fairfax”), which owns –through its wholly-owned subsidiaries- a total of 6.55%, as of April 2020. Fairfax has one representation on CIB’s Board of Directors through a non-executive Director. CIB has a Global Depository Receipts (“GDRs”) program and an American Depository Receipts (“ADRs”) program, and is listed on London Stock Exchange (LSE), and traded OTCQX International Premier through the level 1 ADR program.
Fairfax Financial Holdings Ltd. is a financial service holding company headquartered in Toronto, Canada and is engaged (via its subsidiaries) in property and casualty insurance and reinsurance and investment management. Founded in 1985 by its present chairman and chief executive officer, V. Prem Watsa, Fairfax has been under the same management since established.
|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|
|Attijariwafa Bank||Parent Company||Energy||owns||Ras Ghareb Wind Farm (262.5MW)||Client||Energy|
|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|
|Egyptian General Petroleum Corporation||Parent Company||Transport||owns||Sokhna Port Bunkering Phase 3 PPP||Client||Transport|
|ENGIE||Parent Company||Energy||owns||Ras Ghareb Wind Farm (262.5MW)||Client||Energy|
|Ministry of Finance (Egypt)||Parent Company||Transport||owns||Sokhna Port Bunkering Phase 3 PPP||Client||Transport|
|Mizuho Financial Group||Parent Company||Energy||owns||Ras Ghareb Wind Farm (262.5MW)||Client||Energy|
|Orascom Construction Industries||Parent Company||Energy||owns||Ras Ghareb Wind Farm (262.5MW)||Client||Energy|
|Societe Generale||Parent Company||Energy||owns||Ras Ghareb Wind Farm (262.5MW)||Client||Energy|
|Toyota Group||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|
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/