The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors
The Commercial International Bank (CIB) has borrowed $148 million from the African Development Bank (AfDB) to support small- and medium-sized enterprises (SMEs) and bolster African trade, AfDB stated on November 30th.
The loan comprises $10 million line of credit with a tenor of 10 years, $90 million subordinated loan with a tenor of 10 years, $32 million trade finance line of credit with a tenor of 3.5 years, and $16 million trade finance line of credit from the Africa Growing Together Fund (AGTF) with a tenor of 3.5 years.
The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors, the statement read.
Source: Zawya
