Commercial International Bank (CIB) Kenya Limited Signs KES 750 Million Financing Agreement with Wadi Degla Investment (Kenya) Ltd

Commercial International Bank (CIB) Kenya Limited Signs KES 750 Million Financing Agreement with Wadi Degla Investment (Kenya) Ltd

CIB Kenya Limited, CIB Egypt’s first subsidiary into East Africa, has successfully refinanced the capital expenditures (CAPEX) of Wadi Degla Investment (Kenya) Ltd; Wadi Degla Clubs Group Company, pertaining to its Runda Branch.

Established in 2016, Wadi Degla’s Runda branch offers sports and leisure facilities, including the finest sports infrastructure for 11 major sports including football, tennis, swimming, basketball, and state of the art gymnasium.

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

CIB Kenya Limited, with its proven track record of delivering customized financial solutions, 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. Stemming from CIB’s long standing strategic relationship with Wadi Degla Group and as part of the CIB’s commitment towards supporting sports, the bank had partnered with Wadi Degla Clubs to provide opportunities for Egyptian athletes to progress in the Professional Squash Association (PSA) world rankings through the ongoing support for both Wadi Degla Squash Academy & Wadi Degla professional squash athletes.

This financing agreement will enable CIB Kenya Limited to further enhance the bank’s strategy to encourage youth to excel in sports.

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.

CIB Kenya remains committed to providing innovative financial products and personalized 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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Ann Muthoni Karanu

Ann has over 20 years of cumulative work experience in Human Resource Management spanning across various industries, 15 of which have been in the banking sector. She joined Mayfair CIB Bank in 2015 as part of the start-up team, and to set up the Human Resources function.

Prior to that, she worked with United Bank for Africa (UBA Kenya) where she was the Country Head-Resources, a position she held for close to seven years. Prior to joining UBA, she was the Head of Human Resources Development at Chase Bank Ltd, a position she held for 4 ½ years. She also worked at Haco Tiger Brands as an Assistant Human Resources Manager and at the Teachers Service Commission Secretariat (Head Office) where she was a Senior Human Resources Officer in charge of the Eastern County.

She holds a Master’s Degree in Business Administration from the United States International University (USIU-Africa) and a Bachelor of Commerce Degree in Management from the Catholic University of Eastern Africa. She also holds a Post-Graduate Diploma in Human Resources Management from the College of Human Resources and is a full member of the Institute of Human Resources Management. Ann is currently pursuing her Certified HR Professional (CHRP) qualifications and is a level 3 finalist. She is also pursuing a Doctorate/PHD in Strategy at USIU-Africa.