DEBT WATCH- CIB sees international appetite as it prepares Egypt’s first green bond offering: The International Finance Corporation (IFC) is looking to take a position in CIB’s upcoming USD 100 mn green bond program, according to a project proposal disclosed by the international institution. The financial institution would invest USD 65 mn in the first tranche of the five-year bonds, which will take place through a private placement, and will work with stakeholders on future bond issuances. The IFC said it plans to share its expertise in climate finance to further build CIB’s capacity on climate finance’s eligibility criteria, greenhouse gas emission savings calculation, green bond reporting, and green building financing. It could also invest up to USD 1.5 mn from blended concessional finance that could spur the construction of green buildings in Egypt.

CIB’s bond offering would be the first of its kind in Egypt and would serve as the bank’s first foray into a product that it thinks could prove a regular feature of the debt market going forward, Heba Abdellatif, head of debt capital markets at CIB, said in an emailed statement.