Cairo, July 24, 2024-CIB, Egypt’s leading private-sector bank, has announced that it has launched its new “Sustainable Finance Loan” targeting small and medium-sized enterprises (SMEs). This product stems from a two-year partnership focusing on product development and capacity building with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a service provider in the field of international cooperation for sustainable development, and Frankfurt School, a prominent European business school.
This new offering builds on the success of CIB’s flagship program “Sustaining SMEs.” The loan embraces a sectoral approach, tailoring its offerings to the specific needs of each sector. CIB’s Sustainable Finance Loan enables SMEs to efficiently sustain their businesses, invest in renewable energy and resource efficiency, and upgrade their fixed assets. Sectors eligible for this loan include but are not limited to the textile, plastic, and food and beverage industries. This credit program offers attractive incentives from international development financial institutions that could reach up to 10%-25% and is divided into a short and medium loan with a repayment period of up to five years, an additional corporate credit card can be issued with an amount reaching up to 10% of the facility. SMEs can make use CIB’s advisors, providing insights into local and international market trends.
Commenting on the transaction, Mr. Hany El Dieb, Head of SME Business at CIB, said, “CIB’s Sustainable Finance Loan underscores the bank’s commitment to providing SMEs with tailored financial and non-financial solutions to achieve long-term cost reduction and integrate sustainability within day-to-day operations.”
The event hosted a multi-stakeholder dialogue to support SMEs in adopting sustainability practices. This ceremony took place in the presence of Mr. Rashwan Hammady, CEO Retail Banking & Financial Inclusion at CIB, Mr. Yasser Abdella, Deputy CEO Retail Banking, Mr. Hany El Dieb, Head of SME Business, and Dr. Dalia Abdelkader, Chief Sustainability Officer. Bassel Rahmy, CEO and Managing Director, MSMEDA, Sherif Younis, Head of Component for Business and Invest and African SMEs for Job Partnerships and SMEs Promotion Project, GIZ and Mert Dedebas, Team Leader & International Bank Advisor, Frankfurt School. The event also included representatives from the Central Bank of Egypt (CBE), international donors, service providers, and SMEs.
