In fiscal year 2007, IFC committed $240 million in loan and equity financing to Bahrain’s Ahli United Bank, Bahrain’s third-largest bank, to support its expansion into frontier and emerging markets of the Middle East and North Africa. This represents IFC’s largest investment in the region, as of the end of fiscal year 2007.
IFC's financing, which includes $200 million in a Tier II convertible long-term subordinated loan, will help Ahli United Bank in its strategy to become a significant financial group, with a broader network of banks and financial institutions in the region's developing countries, including Egypt, Iraq, Iran, Lebanon, Oman, and Yemen. IFC has also subscribed to an equity of up to 10 percent (up to $40 million) in Delta International Bank of Egypt, which the AUB Group acquired in 2006 through a capital increase. Read more...
