The Commercial International Bank of Egypt (CIB) launched a new business banking segment yesterday targeting small companies with annual sales of less than EGP 50 million, with the aim to provide an integrated package of banking products and digital solutions to complete their banking transactions.

Named CIB Growth, CIB’s package includes credit facilities with flexible payment terms, dedicated customer service teams and a secure channel for online salary transfers.

Young businesses will also have access to non-financial services at discounted prices including advisory, e-commerce and digital transformation, as well as marketing and market research services through CIB Growth.

Online transactions by businesses will receive a 50% discount, with free access to CIB Business Online.

CIB’s launch of the new segment aligns with the government and Central Bank of Egypt’s initiative to encourage small businesses as a main pillar for supporting and developing the national economy.

The bank recently became Egypt’s first private sector-led green bond issuer, issuing $100 million first green bonds in the MENA region to finance the private sector. The International Finance Corporation (IFC), a member of the World Bank Group, subscribed to the full value of the issue.