IFC grants $ 100 million loan to CIB to cover financial disruption to clients amid Covid-19 crisis

A group of the World Bank, International Financial Corporation

The International Finance Corporation (IFC), a member of the World Bank Group, has granted a loan of up to $ 100 million to the International Commercial Bank of Egypt (CIB) to help the bank increase its support to clients and businesses whose cash flow has been disrupted by the COVID-19 pandemic, IFC said in a statement Sunday.

This is IFC’s first loan in the Middle East and North Africa (MENA) region through its COVID-19 Fast-Track Financing Facility.

The funding will help CIB, IFC’s long-time partner in Egypt, provide short-term loans to corporations and businesses, including small and medium-sized enterprises (SMEs), facing liquidity challenges, the statement said. .

“Access to finance for thousands of small businesses in Egypt is crucial during this Covid-19 crisis. IFC’s support to the CIB will help ensure a continuous flow of finance and promote faster business recovery, ”said Walid Labadi, IFC Country Director for Egypt, Libya and Yemen.

In June, IFC said it had allocated up to $ 10 million to invest in a local Egyptian company to help it expand the installation of prepaid and smart digital electricity meters in Egyptian homes. .

The investment will support government reforms aimed at improving billing accuracy, giving consumers more payment options and providing consumers with better information about their energy use to encourage savings, according to the IFC.

In April, IFC announced that it is investing around $ 20 million through the Direct Investment Fund (SPE AIF I) which mainly focuses on Egypt, Morocco and Tunisia, where access to the capital is particularly limited due to macroeconomic and political challenges.

The fund is dedicated to meeting the needs of fast growing companies, helping to raise additional institutional capital in high growth sectors and strengthening capital markets.

In 2020, IFC invested a total of $ 40.5 million in private equity and venture capital funds to support businesses and enterprises in the MENA region, according to IFC.

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