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The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has agreed to purchase an approximate US$23mn stake in Commercial International Bank of Egypt.

IFC will purchase around 2% of Commercial International Bank’s capital out of a total of 18.7 % that was sold in February by National Bank of Egypt to a consortium of investors, led by Ripplewood Holdings, a US-based private equity firm.

IFC’s participation in the consortium directly supports the Egyptian government’s policy of divesting from joint ventures in the financial sector and privatising banks. The 18.7 % share was the government’s remaining stake in Commercial International Bank.