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CIB inks $100m Tier II capital facility agreement

CIB inks $100m Tier II capital facility agreement
CIB aims to strengthen its capital base ahead of the expected economic recovery
CIB
COMI
-0.25% 65.00 -0.16

Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) signed an agreement with the UK government’s development finance arm CDC Group to obtain a Tier II capital facility worth $100 million.

Through the 10-year facility, CIB aims to strengthen its capital base ahead of the expected economic recovery, the bank said in a statement to the Egyptian Exchange (EGX) on Sunday.

In November 2017, CIB received two Tier II facilities of $100 million each from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

It is worth mentioning that during the first quarter of 2020, CIB reported net profits of EGP 2.39 billion, down from EGP 2.64 billion in the corresponding period a year earlier, including minority shareholders’ rights.