alBaraka Bank announces obtaining financing of $30 mn from ICD
First Bank
alBaraka bank, in a statement to the Egyptian Stock Exchange today, announced that it has secured financing from Islamic Corporation for the Development of the Private Sector (ICD) in the amount of $30 mn.
This statement follows the disclosure made by the bank on May 16, 2023, where the bank signed a financing agreement with Islamic Corporation for the Development of the Private Sector (ICD) for an initial tranche of $30 mn for a period of five years.
This took place during the annual meetings of Islamic Development Bank Group held this year in Jeddah, Saudi Arabia, and this financing is in line with Islamic Sharia principles, with the possibility of increasing it in the future.
The agreement was signed by Hazem Hegazy, Deputy Chairman of the Board of Directors and CEO of alBaraka, and Engineer Hani Salem Sonbol, Acting CEO of the (ICD).
Attending the signing ceremony on behalf of alBaraka were Mustafa Al-Arousi, Deputy CEO, Karim Namik, Head of Treasury and Financial Institutions, and Ahmed Atiya, General Manager of Financial Institutions Management.
Hazem Hegazy, Deputy Chairman of the Board of Directors and CEO, emphasized that this financing is the first of its kind for an Islamic bank in Egypt, reflecting the confidence of the Islamic Corporation for the Development of the Private Sector in alBaraka and the Egyptian economy in general.
He added that the bank currently holds a diversified portfolio of green and sustainable financing in areas such as renewable energy and waste management, which it aims to increase and double. It aims to increase support for the transition to a more sustainable economy, and we have a sustainable and climate impact asset portfolio of approximately EGP 200 mn.
Hegazy also stated that this financing is in line with the bank's strategy to support green financing and promote green environmental projects and support companies with developmental impact to achieve the sustainable development goals of the Egyptian economy.
Additionally, this financing will encourage clients to invest in green economy projects, which will have a positive impact on the overall Egyptian economy.
