Egyptian top Lender CIB donates Sh10.6mn to the COVID-19 funds

NAIROBI, Kenya, June 17-Egypt’s Commercial International Bank has donated Sh10.6 million towards the fight of the spread and impact of the Coronavirus in Kenya.

The bank, in a statement, announced that the contribution acts as a response to government’s appeal to individuals and corporate entities to help counter the spread, effects and impact of the deadly virus.

CIB Managing Director Hisham Ezz Al-Arab said that contribution will boost the government’s effort in providing health services and taking care of the team that is at the frontline in fighting the pandemic.

“The task of fighting this pandemic is huge and no single entity can do it alone, my hope is that this will assist the government as it works with the medical services and frontline staff to save lives in Kenya,” said Ezz Al-Arab.

In March, under President Uhuru Kenyatta’s directive, the National Treasury set up an emergency response fund to foster the national response to the pandemic that has slowed most of the world’s economies.

As at May, COVID-19 Emergency Fund had so far raised over Sh2 billion, which will assist the government in cushioning Kenyans against the impacts of COVID-19 pandemic.

Commercial International Bank Egypt was established in 1975 as a joint venture between the National Bank of Egypt and Chase Manhattan Bank.

CIB is Egypt’s leading private-sector bank and is listed on the Cairo Stock Exchange, the London Stock Exchange and the New York Stock Exchange.

It is the first Egyptian Bank to establish a presence in Kenya.

The bank in April injected Sh3.7 billion in order to complete the acquisition of 51 percent of Kenya’s Mayfair Bank Limited following CBK’s approval.

“The acquisition of a majority stake in Mayfair will anchor CIB’s expansion into the East African region. Its entry will also strengthen the trade and investment ties between Kenya and Egypt,” CBK said in a statement.