Egypt’s Commercial International Bank half year profits drop amid raging COVID-19 pandemic

Egypt’s CIB Bank

EGYPT – The Commercial International Bank’s (CIB), one of the largest commercial banks in Egypt has recorded a profit drop in the first six months of the year owing to a tough business environment occasioned by the COVID-19 pandemic. A statement from the Bank revealed that CIB recorded a profit of LE4.99 billion (US$312 million) during the first six months of this year, a 6.6 percent drop when compared to the LE 5.35 billionn (about US$335 million). Commercial International Bank clarified in a statement that the net income from the…

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Egypt’s CIB Bank secures US$100m loan from IFC to support businesses affected by COVID-19

Egypt’s CIB Bank

EGYPT — Commercial International Bank (CIB), one of the leading commercial banks in Egypt, has secured a US$100 million loan from IFC, to help the bank increase support to clients and companies whose cash flows have been disrupted by the COVID-19 pandemic. “Access to finance for thousands of smaller enterprises in Egypt is crucial during this COVID-19 crisis,” said Walid Labadi, IFC’s country manager for Egypt, Libya, and Yemen.  “IFC’s support for CIB, Egypt’s largest private bank, will help ensure a continuous flow of financing and will support a quicker…

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CDC Group to invest US$2.6b in African businesses over the next two years

AFRICA – CDC Group, UK’s publicly owned impact investor, has committed to investing a further £2 billion (about US$2.6 billion)  into African businesses over the next two years, as it looks to double the size of its portfolio on the continent. The company, the world’s largest bilateral development investor in Africa, also unveiled new agreements worth US$400 m at the UK-Africa Investment Summit to support entrepreneurs and SMEs. CDC’s Chief Executive while unveiling the new agreements urged UK investors to “embrace the huge opportunity” to support the UN’s Sustainable Development…

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