Banque du Caire secures $30M loan from Green for Growth Fund

Updated 2/17/2022 1:19:47 PM

ArabFinanceBanque du Caire (BDC) (BQDC) received a $30 million loan from the Green for Growth Fund (GGF), according to an emailed press release on February 17th.

The loan will be used to support the bank’s capital base and financing capabilities, the release revealed.

The recent funding marks GGF’s first-of-its-kind loan to be provided to any Egyptian bank after it recently obtained a license from the Central Bank of Egypt (CBE), the release noted.

BDC, the 99.9%-owned by Egypt's second-largest state-owned bank Banque Misr, is the sixth-largest bank in Egypt in terms of total assets, acquiring a 3% market share in system-wide loans and deposits.

The bank also has the third-biggest customer base, with over 3 million customers.