AfDB supports CIB with $148M to prop up SMEs and trade

African Development Bank (AfDB) provided the Commercial International Bank (CIB) with a financial package worth $148 million to prop up small and medium enterprises (SMEs) and trade.

 

The AfDB clarified that the instruments and amounts include $10 million Line of credit with a tenor of 10 years, and $90 million subordinated loan with a tenor of 10 years.

 

Furthermore, they include a $32 million trade finance line of credit with a tenor of 3.5 years, and a $16 million trade finance line of credit from the Africa Growing Together Fund (AGTF) with a tenor of 3.5 years.

 

According to the statement, the financial package to CIB comes amid a shortage of foreign currency in Egypt due to complex endogenous and exogenous macroeconomic and geopolitical factors, including persistent supply bottlenecks due to the COVID-19 pandemic and the Russia-Ukraine conflict.

 

It added that the financial package will enable CIB to meet the foreign currency needs of its clients in various sectors of the Egyptian economy.