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Egypt lender gives Sh10.6m in Covid-19 war

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CIB chairman and managing director Hisham Ezz Al-Arab. PHOTO | COURTESY

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Summary

  • The lender, which has bought a majority stake in the Kenyan tier three Mayfair Bank, said the funds will be channeled through the private sector-led Covid-19 Emergency Response Fund set up by President Uhuru Kenyatta.

Egypt’s largest private lender Commercial International Bank (CIB) has donated Sh10.64 million ($100,000) in aid of the fight against the coronavirus pandemic.

The financier, which was in April given the green light by the Central Bank of Kenya to acquire a controlling stake in Mayfair Bank, said the donation is in response to Kenya’s appeal to individuals and corporate entities to help counter the spread, effects and impact of the virus.

The money, the bank said, will be channeled through the Covid-19 Emergency Response Fund.

“My hope is that this contribution will assist the government as it works with the medical services and frontline staff to save lives in Kenya,” said CIB chairman and managing director Hisham Ezz Al-Arab in a statement on Wednesday.

CIB is the leading private-sector bank in Egypt, with a total asset base of approximately Sh2.45 trillion ($24.18 billion).

It is listed on the Egyptian Stock Exchange and London Stock Exchange and trades over the counter on the New York Stock Exchange.

It also has representative offices in the United Arab Emirates and Ethiopia.

Absa Bank Kenya has to date contributed Sh50 million into the kitty, KCB has injected Sh150 million while Co-op and NCBA each donated Sh100 million.

Other lenders including Ecobank and UBA Kenya have also contributed Sh10 million and Sh15 million respectively.