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According to the IFC, the proposed project consists of a Basel II compliant Tier II (B2T2) subordinated loan of up to US$150 million to Commercial International Bank (CIB or the Bank), a long standing IFC client, the third largest bank in Egypt and the leading private sector bank by total assets. The proposed loan will help maintain the Bank’s sound capital position as it goes through major macroeconomic adjustments and continues its expansion of its MSME portfolio, including WMSMEs. The loan will be coupled with a trade guarantee limit of up to US$50 million for supporting the Bank’s trade finance activities under IFC’s Global Trade Finance Program (GTFP).
As stated by the IFC, the Project has been classified as Category FI-1 according to IFC's Sustainability Policy. CIB's portfolio highest sectors of exposure are petroleum, power, construction, real estate, tourism, and food and beverage.
As stated by the IFC, CIB is listed on the Egyptian Exchange (EGX) and has a free float of 69%. The two largest shareholders, through direct and indirect holdings, are Alpha Oryx Ltd. – a subsidiary of ADQ-, with a shareholding of 18.4%, and Fairfax Financial Holdings Ltd, holding 6.4%.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Commercial International Bank Egypt SAE:
Mrs. Heba Abdel Latif - Head of Financial Institutions Group
Phone: +202-37472747
Email: heba.abdellatif@cibeg.com
Address: 21/23 Charles De Gaulle St., Giza - P.O. Box 2430 Cairo
Website: www.cibeg.com
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
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