Business

CIB Kenya signs Sh750 million financing agreement with Wadi Degla Investment


NAIROBI, Kenya, Nov 27 – Kenya Limited, a subsidiary of CIB Egypt in East Africa, has successfully refinanced the capital expenditures of Wadi Degla Investment (Kenya) Ltd., a Wadi Degla Clubs Group Company.

The financing agreement will enable CIB Kenya Limited to enhance its strategy of encouraging youth to excel in sports.

Established in 2016, Wadi Degla’s Runda branch offers sports and leisure facilities, including 11 sport categories such as football, tennis, swimming, basketball, and a state-of-the-art gymnasium.

Wadi Degla first opened its club in Egypt in 2002, serving over 220,000 families and more than 1 million members.

“CIB Kenya’s dedicated team of financial experts and relationship managers will further enhance the company’s operating efficiency by providing a payroll proposition and membership finance,” the Bank said in a statement.

“CIB Kenya Limited stepped in to facilitate the seamless restructure and refinance of the company’s loans, providing Wadi Degla Clubs with the financial enhancement, enabling them to achieve future expansions including but not limited to establishing the second branch in Kenya.”

CIB Kenya remained committed to providing innovative financial products and personalised service to businesses across various sectors.

“By forgoing strategic partnerships and understanding the distinctive requirements of its clients, CIB Kenya continues to be a trusted ally for businesses seeking financial growth and stability.”





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