We provided $100 million of Tier 2 capital, which continues to be scarce in Africa, to Commercial International Bank. We are among the first bilateral development finance institution to be given clearance to provide Tier 2 capital to Egypt’s banking sector. The investment was part of our efforts to support capital markets and banking ecosystems, to enable African economies to weather the impact of COVID-19.
The investment aims to strengthen the bank’s capital base, so it can underpin growth and expansion in lending.
It also aims to support the bank’s lending to exporting sectors of the economy, in line with the Egyptian Government’s agenda to develop alternative sources of hard currency outside of tourism.
Environmental and social aspects
We are currently working with the bank to upgrade its environmental and social management system (ESMS), Standard Operating Procedures and environmental and social capacity building programmes.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, North Africa
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Financial services
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Debt
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- June 2020
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.