For questions about financing or funding possibilities, business offerings and acquisition, please use the contact form.
The number below is for media inquiries only.
T: +31 70 314 9130
Commercial International Bank (CIB), Egypt’s leading private sector bank, and FMO, the Dutch entrepreneurial development bank, announced that they signed a credit guarantee agreement, worth USD 50 mn, to cover loans granted to the Bank’s micro, small and medium enterprises (MSMEs), including underserved segments such as women, youth and migrant borrowers.
“CIB has always been committed to providing innovative products and banking solutions to its SME customers. Our partnership with FMO will allow us to better target small-sized business customers, especially underserved segments, such as women and youth entrepreneurs, and provide them with the needed support during the current global economic challenges,” said Rashwan Hammady, Acting Chief Executive Officer of Retail Banking at CIB. “To become the preferred partner for SMEs, CIB is constantly working to reinforce its leading position in the Egyptian market by offering necessary financial and non-financial services that can help SMEs manage their businesses efficiently. This comes in line with the Bank's efforts to integrate this segment into the Egyptian banking sector and as part of CIB’s strategic direction toward achieving financial inclusion for SMEs,” he added.
The agreement comprises two components: the NASIRA risk-sharing facility backed by FMO, the European Union and the Dutch government (through the MASSIF fund), and a technical assistance program provided by the Frankfurt School of Finance and Management.
“Signing a risk-sharing agreement with an international entity such as FMO reflects the huge opportunities that can be offered to the SME segment and the strong foundation of the Egyptian banking sector in general and CIB in particular,” said Hany El Dieb, SME Business Head at CIB. “The technical assistance program with Frankfurt School of Finance and Management is another milestone in the continuous process to enhance the value proposition offered to CIB’s SME customers,” he added.
Marnix Monsfort, Director Financial Institutions at FMO, added, "Half of young Egyptians see entrepreneurship as a viable career option. To realize this potential, they need access to finance. This USD 50 mln NASIRA risk-sharing facility marks our first exposure into Egypt via our Financial Institutions department, and we are excited to partner with our new customer Commercial International Bank as they support innovative entrepreneurship opportunities in the Egyptian SME sector. Furthermore, this transaction is fully aligned with our updated 2030 Strategy: Pioneer Develop Scale, as we collaborate with local partners to improve economic development. We look forward to a long and fruitful partnership with CIB!"
The signing ceremony took place on Thursday, 9 February 2023, at the Dutch Embassy in Cairo, Zamalek. It was conducted in the presence of CIB's and FMO’s senior management, the Deputy Dutch Ambassador in Egypt and a representative of the European Union Embassy in Egypt.
About Commercial International Bank S.A.E.
Established in 1975, Commercial International Bank (CIB) is Egypt’s leading private sector bank. Each of CIB’s 6,900 employees is dedicated to achieving the Bank’s mission: delivering a distinctive customer experience through innovation and big data analytics to provide customer-centric solutions and +services that meet their needs.
CIB’s team comprises more than 6,900 competent banking experts, dedicated to achieving the Bank’s strategic objectives, the first of which is to provide our customers with the luxury of innovative banking services through an integrated financial platform. The platform transforms our traditional banking services into simple, comprehensive and accessible financial solutions that keep pace with technological development. With a well-established network of over 200 branches, a wide range of highly-efficient digital solutions and first-rate online banking platform, CIB provides individuals, high-net-worth individuals and businesses of various sizes with exceptional 24-7 services.
CIB has consistently been recognized as the most profitable Private bank operating in Egypt and the bank of choice for over 500 of Egypt’s largest corporations. CIB was named the World’s Best Bank in Emerging Markets by Global Finance in 2018, and it was awarded the same title by Euromoney in 2017. CIB is also the first institution in the Middle East to be the subject of a business case study as part of the London Business School’s curriculum for graduate students. In 2019, Bloomberg included CIB in its “Gender Equality Index,” making it the first company in Egypt and Africa to be listed on the index, which includes 230 companies from 36 countries representing 10 sectors.
For further information about CIB products and services, please visit www.cibeg.com (Terms and conditions apply) .