Arab African International Bank (AAIB) issued, on Monday, November 25, a 500 million USD sustainable bond backed by several international financial institutions including the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the British International Investment (BII)

This financing aims to strengthen the bank's capital and support micro, small and medium-sized enterprises (MSMEs) in the country, including those owned by women. This, in a context where MSMEs, although they represent 98% of businesses in Egypt and contribute to more than 40% of the national GDP, face significant financing constraints, hampering their growth and limiting their ability to contribute to the country's economic development

“A solid financial sector is critical to Egypt's economic development. By strengthening the capital position of CIB, IFC contributes to opening opportunities for businesses, supporting job creation and improving the livelihoods of Egyptians,” said Sérgio Pimenta, IFC Vice President for Africa

The institution's first funding to the CIB dates from 2017 with a $100 million loan to support the private sector. The partnership between the two structures also led, in 2021, to the issuance of the first green bond from the Egyptian private sector.