Commercial International Bank (CIB), Egypt’s leading private sector bank, has announced the launch of the Solar Loan, offering its customers special financing for purchasing and installing solar panels. On the back of Egyptians’ rising living expenses, the new loan aims to help customers adapt to higher energy costs while supporting the nation’s initiative to rationalize energy consumption through the use of renewable energy.
CIB's Solar Loan will provide up to EGP 350,000, with a competitive return rate and a flexible repayment period of up to five years. In addition, CIB will offer a 50% discount on administrative expenses. Developed in cooperation with several of the world’s leading solar energy organizations, the Bank’s Solar Loan offers the best financing options for customers seeking a more energy-efficient lifestyle.
The Solar Loan is one of the Bank’s many efforts to provide customer-centric banking products and services. Over the past few years the costs of electricity and traditional sources of energy have risen, which would naturally result in a shift towards alternative solutions, such as solar energy. However, such a turn may prove too difficult and expensive for many inpiduals. The Bank’s Solar Loan aims to address this, enabling customers to switch to more affordable sources of energy and saving money over the long run.
What is more, the Solar Loan highlights the Bank’s longstanding commitment to balancing both its strategic objectives for profitability and assisting its communities at the social, economic and environmental level. In 2017, the Bank succeeded in reducing its annual energy consumption by 40%, equivalent to 11 million kW, or to the lighting of more than 4,500 homes. This success was the result of the collective implementation of many energy-saving initiatives, such as the widespread use of LED technology at the Bank, and the extensive use of solar energy technology, such as solar-powered networks, water heaters, and more.