CIB, IFC sign cooperation protocol

The Commercial International Bank (CIB) and the International Finance Corporation (IFC) signed on Monday a protocol cooperation to develop the bank's capabilities in funding small and medium-scale enterprises (SMEs).

The corporation's representative in North Africa Sami Hadad said the protocol also aims at offering technical assistance to the bank in its dealing with small companies and offering loans to small investors.

The protocol will come into effect on September 1st and will run for 11 months. The international funding institution, stemming from the World Bank, is contributing 5 percent to the capital of the bank.

"The signing ceremony was attended by Secretary General of the Social Fund for development (SFD)," Hani Seif Al-Nasr said.