The Commercial International Bank (CIB) has announced the launch of its new "Sustainable Finance Loan," specifically targeting small and medium-sized enterprises (SMEs). This product results from a two-year partnership focused on product development and capacity building with the German development agency GIZ and Frankfurt School, a prominent European business school. Building upon the success of CIB's flagship program, "Sustaining SMEs," this loan takes a sectoral approach, tailoring its offerings to meet the unique needs of each industry. The CIB Sustainable Finance Loan empowers SMEs to sustain their businesses efficiently, invest in renewable energy and resource efficiency, and upgrade their fixed assets. Eligible sectors include textiles, plastics, and food and beverage industries. The credit program offers attractive incentives from international development financial institutions, ranging from 10% to 25%. It is divided into short and medium-term loans with a repayment period of up to five years. Additionally, SMEs can request an additional corporate credit card, up to 10% of the facility. CIB's advisors provide insights into local and international market trends. Hany El Dieb, Head of SME Business at CIB, commented on the transaction: "CIB's Sustainable Finance Loan underscores the bank's commitment to providing SMEs with tailored financial and non-financial solutions, aiming for long-term cost reduction and sustainability integration in day-to-day operations." The launch event included a multi-stakeholder dialogue to support SMEs adopting sustainable practices. Notable attendees included Rashwan Hammady, CEO Retail Banking and Financial Inclusion at CIB; Yasser Abdella, Deputy CEO Retail Banking; Hany El Dieb, Head of SME Business; Dalia Abdelkader, Chief Sustainability Officer at CIB; Bassel Rahmi, CEO of 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 and International Bank Advisor, Frankfurt School. The event also included representatives from the Central Bank of Egypt (CBE), international donors, service providers, and SMEs.
