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Groundbreaking Initiative Aims to Modernise National Electricity Grid, Reduce Losses, and Accelerate Cabo Verde’s Energy Transition.

Dr. Olavo Correia, Vice Prime Minister and Minister of Finance of Cabo Verde; and Mr. Sohail Sultan, CEO of iibGroup.

PRAIA, Cabo Verde / WASHINGTON, D.C., April 2025
In a landmark move for Cabo Verde’s sustainable development, the Intercontinental Investment Bank S.A. (iib West Africa) and the Ministry of Finance of Cabo Verde (MoF CV) have signed a Memorandum of Understanding (MoU) to facilitate the issuance of a Sovereign-Guaranteed Green Bond for Empresa de Distribuição de Eletricidade de Cabo Verde (EDEC). The signing took place on the sidelines of the Spring Meetings in Washington, D.C., reinforcing Cabo Verde’s commitment to a green and resilient energy future.

This dedicated agreement between iib and the Ministry of Finance underscores the Government’s active role in structuring a financing solution tailored to the needs of the Cabo Verdean people. The Green Bond will unlock critical investment to strengthen EDEC’s operational capacity, improve electricity production and distribution, and reduce technical and non-technical losses across the national grid.

Key Transaction Highlights

• Sovereign-Guaranteed up to EUR 50 million 7-year Green Bond
• Fully Underwritten and Subscribed by iib West Africa
• Funded by the Africa Finance Corporation (AFC)

A Bond for Cabo Verde, by Cabo Verdeans
The Sovereign-Guaranteed Green Bond is designed to directly benefit households, businesses, and communities across all nine inhabited islands of the archipelago. Proceeds will be used to promote the country’s energy transition through improvement of the energy mix, reinforcement of efficiencies, reduction of losses and boosting of generation capacity, as well as promoting social inclusion by increasing access to electricity for low-income families.

Key national priorities to be funded include:

• Expanding energy access – Bringing reliable electricity to underserved communities
• Reducing system losses – Modernising infrastructure to curb inefficiencies in the distribution network
• Enhancing energy efficiency – Supporting measures that lower electricity costs for consumers
• Strengthening EDEC – Enabling the utility to deliver more stable and sustainable power

Mr. Banji Fehintola, Executive Board Member, Head Financial Services, Africa Finance Corporation; and Mr. Sohail Sultan, CEO of iibGroup.

Publicity and Transparency at the Forefront
Recognising that public awareness is essential to the success of the initiative, iib and the Ministry of Finance have committed to a comprehensive communications campaign across Cabo Verde. Radio broadcasts, community meetings, and digital platforms will be used to explain how the Green Bond works, how funds will be deployed, and how citizens can benefit from a modernised energy sector.

H.E. Olavo Avelino Garcia Correia, Deputy Prime Minister and Minister of Finance of Cabo Verde, said, “This agreement reflects our clear national ambition to achieve universal access to electricity in Cabo Verde by 2027 while ensuring energy is accessible, affordable, and clean. For a Small Island State like ours, energy is more than just infrastructure, it is the foundation of opportunity, competitiveness, and social inclusion. The sustainability of Cabo Verde depends largely on the sustainability of our energy system. We must reduce losses, expand generation capacity, and accelerate the transition to renewable energy so that families, businesses, and communities across all islands can benefit from reliable, lower-cost electricity. Clean and affordable energy is not just an environmental goal; it is a development imperative. This green financing mechanism represents the path forward. It enables us to mobilize long-term, sustainable capital that aligns with our climate and development priorities while strengthening the financial and operational capacity of our energy sector. Through innovative partnerships like this one, we can leverage resources, attract investment, and transform ambition into concrete results. Today, we are not only signing a financing framework, but also reinforcing our commitment to a resilient, inclusive, and sustainable future for Cabo Verde. A future powered by clean energy, expanded opportunity, and the shared determination to leave no island or family behind.”

Sohail Sultan, Chairman, iibGroup, added, “This Green Bond is about engineering a structure where sovereign credibility, multilateral expertise, and private capital converge to solve a systemic problem. AFC brings unparalleled infrastructure delivery experience across Africa. Together, we are demonstrating that bankable green finance does not require concessionary rates. It requires intelligent risk allocation and long-term alignment of incentives. The real insight is this: when you design for the specific technical realities of a utility like EDEC, loss reduction, grid stability, generation efficiency, you unlock value that benefits the entire economy. That is the strategy. The bond is simply its expression.”

The parties will now proceed with finalising the bond structuring, regulatory approvals, and investor roadshows. The Green Bond issuance is expected to open for subscription later this year, with funds disbursed to EDEC thereafter.

About iibGroup Holdings W.L.L. (Bahrain)
iibGroup is a diversified international investment and banking group with operations across East Africa, the Middle East, West Africa, and the Caribbean. The Group provides commercial banking, structured investment and advisory solutions while also deploying capital into high-impact sectors such as trade, digital infrastructure, and financial inclusion. Through its regional platforms, iibGroup supports SMEs, empowers women- and youth-led enterprises, and channels capital to industries that strengthen regional integration and sustainable growth across emerging markets.

About iib West Africa (Cabo Verde)
iib West Africa is a licensed banking institution based in Cabo Verde, serving corporate and institutional clients across the African continent. The bank is committed to advancing financial inclusion, innovation, and private sector development in the region.

About the Ministry of Finance of Cabo Verde
The Ministry of Finance oversees the fiscal and economic policies of the Republic of Cabo Verde, including sovereign debt management, public investment, and international financial partnerships.

Landmark Agreement Unlocks Financing for a Sovereign-Guaranteed Green Bond to be issued by Empresa de Distribuição de Eletricidade de Cabo Verde in Cabo Verde, Supporting National Energy Transition.

Mr. Banji Fehintola, Executive Board Member, Head Financial Services, Africa Finance Corporation; and Mr. Sohail Sultan, CEO of iibGroup.

Washington, D.C., April 15, 2025 – The Africa Finance Corporation (AFC) and the Intercontinental Investment Bank, S.A. (iib West Africa) today announced the signing of a Memorandum of Understanding (MoU) in Washington, D.C. The agreement establishes the framework for a Term Loan Facility of up to EUR 50,000,000, intended to finance the underwriting and subscription of a Sovereign-Guaranteed Green Bond to be issued by Empresa de Distribuição de Eletricidade de Cabo Verde (EDEC), marking a significant milestone in sustainable infrastructure financing on the African continent.

The signing ceremony will be attended by high-level government representatives from Cabo Verde, including the Deputy Prime Minister and Minister of Finance, H.E. Olavo Avelino Garcia Correia, reflecting the commitment of both institutions, as well as the Government of Cabo Verde, to advancing sustainable development and green energy solutions in the country and across Africa.

Strategic MoU: Laying the Foundations for a Long-Term Partnership
The MoU for the finance facility, between iib West Africa and AFC, establishes the foundation for a strategic partnership, focussing on the closer cooperation of both institutions to build a strategic partnership in jointly supporting and financing key infrastructure initiatives in Africa.

This MoU is designed to enable the structuring and eventual issuance of a sustainable bond for EDEC, the Cabo Verde Electricity and Water Company, with the overarching aim of supporting the country’s energy transition and advancing its pathway toward a greener, more resilient economy.

Supporting EDEC and Cabo Verde’s Energy Future
The proceeds of the Bond will be used to deliver tangible impact across Cabo Verde’s energy sector. Key objectives include:

• Improving generation and strengthening EDEC’s operational capacity in energy production and distribution;
• Implementing targeted measures to reduce losses in the electricity distribution network;
• Increasing access to electricity in the country and increasing overall energy efficiency across the archipelago.

Together, AFC and iib West Africa aim to foster innovative and sustainable financing solutions that are aligned with the strategic needs of Cabo Verde’s energy sector, contributing to its long-term modernisation and development.

Dr. Olavo Correia, Vice Prime Minister and Minister of Finance of Cabo Verde; and Mr. Sohail Sultan, CEO of iibGroup.

Speaking at the ceremony, Sohail Sultan, Chairman, iibGroup, said, “This signing represents a defining moment not only for our institutions, but for the people of Cabo Verde and the broader African continent. At iib, we believe that the future of sustainable development lies in forging partnerships that combine multilateral expertise with on-the-ground commitment. The Sovereign-Guaranteed EDEC Green Bond aims to channel international capital directly into the energy infrastructure that communities depend on. We are proud to stand alongside AFC in this endeavour, and we look forward to deepening our collaboration through this MoU.”

“The signing of this MoU represents the first step toward a partnership that aims to bridge Africa’s infrastructure gap through innovative climate finance. By establishing a framework to consider Cabo Verde’s upcoming Sovereign-Guaranteed Green Bond, we hope to facilitate the liquidity necessary to modernize the national power grid and support the transition to renewable energy. We look forward to working closely with the Government of Cabo Verde and iib West Africa to finalize this transaction,” said Banji Fehintola, Executive Board Member, Head Financial Services, AFC.

About iibGroup Holdings W.L.L. (Bahrain)
iibGroup is a diversified international investment and banking group with operations across East Africa, the Middle East, West Africa, and the Caribbean. The Group provides commercial banking, structured investment and advisory solutions while also deploying capital into high-impact sectors such as trade, digital infrastructure, and financial inclusion. Through its regional platforms, iibGroup supports SMEs, empowers women- and youth-led enterprises, and channels capital to industries that strengthen regional integration and sustainable growth across emerging markets.

About iib West Africa (Cabo Verde)
iib West Africa is a licensed banking institution based in Cabo Verde, serving corporate and institutional clients across the African continent. The bank is committed to advancing financial inclusion, innovation, and private sector development in the region.

About Africa Finance Corporation (AFC)
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of energy, natural resources, heavy industry, transport, and telecommunications. AFC has 48 member countries and has invested over US$19 billion in 36 African countries since its inception.

Djibouti — 15th April, 2026 – iib East Africa, part of iibGroup, has signed a Memorandum of Understanding (MoU) under the Chevening Scholarship Programme, further strengthening its commitment to education and talent development across Africa.

As part of the initiative, iibGroup will sponsor three scholars for the upcoming academic cycle one each from Djibouti, Ethiopia and Cape Verde enabling them to pursue one year postgraduate studies in the United Kingdom.

The agreement reflects an expansion of the partnership, with Ethiopia included this year, alongside Djibouti and Cape Verde, reinforcing iibGroup’s growing regional footprint and cross-market engagement.

The signing ceremony was held in Djibouti and attended by Maruf Ahmed, Director iib East Africa; Neima Omar, Chief Operating Officer; Nasir Abdi, Head of Client Coverage; Vinay Talwar, H.E Ambassador of UK to Djibouti and other colleagues.

Strategic Focus on Talent and Regional Development
Through this collaboration with the Chevening Scholarship Programme, one of the UK government’s most prestigious global scholarship initiatives. Through this partnership, iibGroup will enable selected scholars to pursue one-year further studies in the United Kingdom, contributing to the development of skilled professionals across its core markets while strengthening regional connectivity through shared academic and leadership exposure.

Maruf Ahmed – Director iib East Africa commented:
“This year’s expansion to include Ethiopia reflects the natural progression of our regional strategy. By extending this partnership across three markets, we are supporting the development of talent that understands both local realities and global frameworks, an essential combination for the next phase of growth across our operating regions.”

Vinay Talwar – H.E. Ambassador of UK to Djibouti added:
“Our continued partnership with Chevening in Djibouti reflects a long-term commitment to investing in people. Initiatives like this play an important role in strengthening institutional and educational ties, while creating opportunities for future leaders to contribute meaningfully to national development.”

Driving Long-Term Impact
The initiative forms part of iibGroup’s broader ESG and development agenda, which focuses on strengthening local ecosystems through education, financial inclusion, and strategic partnerships.
By aligning with globally recognized institutions such as Chevening, iibGroup continues to position itself as a catalyst for meaningful, long-term impact across emerging markets.

About iib East Africa (Djibouti)
iib East Africa is a licensed banking institution based in Djibouti, serving corporate and institutional clients across the Ethiopia–Djibouti corridor. The bank is committed to advancing financial inclusion, innovation, and private sector development in the region.

About iibGroup Holdings W.L.L. (Bahrain)
iibGroup is a diversified international investment and banking group with operations across East Africa, the Middle East, West Africa, and the Caribbean. The Group provides banking, investment, and advisory solutions while also deploying capital into high-impact sectors such as trade, digital infrastructure, and financial inclusion. Through its regional platforms, iibGroup supports SMEs, empowers women- and youth-led enterprises, and channels capital to industries that strengthen regional integration and sustainable growth across emerging markets.

About Chevening
Chevening is the UK Government’s international scholarships programme, funded by the Foreign, Commonwealth and Development Office (FCDO) and partner organisations. It offers outstanding emerging leaders from around the world the opportunity to pursue one-year master’s degrees in the UK.

Praia, April 9th 2026 — Intercontinental Investment Bank West Africa will officially inaugurate its new Banking Office in Santa Maria, on the island of Sal, this Friday, April 10.

This new opening marks another important step in the bank’s expansion strategy in Cabo Verde, reinforcing its commitment to strengthening proximity with customers, partners, and investors—particularly in one of the country’s most dynamic economic and tourism hubs.

The Banking Office has been designed to offer personalized and client-focused experience, combining comfort, accessibility, and professionalism. The space aims to provide tailored information and dedicated support regarding the bank’s financial solutions, with a special emphasis on savings and investment opportunities. Through this initiative, iib WA seeks to ensure close and responsive service aligned with the specific needs of each client.

“Sal Island is a strategically important location for iiib West Africa, being one of Cape Verde’s main hubs for economic and tourist activity. It offers significant potential for investment and business development for our operations and for ensuring greater proximity and convenience for our customers” , reinforces Joseph Carasso, CEO of iib West Africa.

This new Banking office reinforces iib West Africa’s ongoing commitment to Cabo Verde, its clients, and the sustainable economic development of the islands, based on a strong, relevant, and locally engaged presence in the national market.

About iib West Africa:
iib West Africa is a commercial bank with a strong international focus, part of the iibGroup, and has been operating in Cape Verde since 2018.

iibCV currently employs around 50 people and has a dynamic sustainability and social responsibility programme, being the only bank in Cape Verde to be a signatory to the United Nations Global Compact.

Addis Ababa, Ethiopia/Manama, Bahrain, March 27, 2026 – iibGroup has officially opened a Representative Office in Addis Ababa, marking a significant milestone in the Group’s long-term regional strategy in East Africa. The new office will enable iibGroup to deepen its engagement with Ethiopia’s financial ecosystem, support cross-border investment, and position the Group to play a constructive role as the country advances reforms aimed at modernizing and opening its financial landscape. While there are 15 representative offices in Ethiopia, iib is the first to obtain this significant license post-reform, which underscores our commitment to the Ethiopian market.

Ethiopia’s Financial Liberalization Creates New Opportunities
As regulatory reforms continue to unfold, the market is expected to unlock new opportunities in foreign investment, trade facilitation, and financial services innovation. Building on its regional platform through iib East Africa in Djibouti, iib’s presence in Addis Ababa positions the Group among the first international financial institutions establishing a footprint in Ethiopia. Through its regional expertise and transactional banking capabilities, the bank aims to support Ethiopia’s expanding trade and investment landscape while building long-term partnerships with local institutions and businesses. iib is well positioned to leverage its experience and networks across the Horn of Africa to support Ethiopia’s financial sector transformation.

“Ethiopia represents one of the most exciting frontier opportunities in global finance today,” said Sohail Sultan, Chairman of iibGroup. “As we deepen our understanding of the local market and build trusted partnerships with Ethiopian businesses and institutions, we will continue to explore opportunities to expand our presence in line with Ethiopia’s evolving regulatory framework. Our office in Addis Ababa reflects our long-term commitment to Ethiopia and to the broader East African region.”

Strengthening the Ethiopia–Djibouti Trade Corridor
With a presence in both Djibouti and Ethiopia, iib East Africa will provide commercial and transactional banking services with a focused mandate on the Ethiopia–Djibouti trade corridor, one of the region’s most strategically important trade routes through which most of Ethiopia’s import and export trade flows.

Operating within the regulatory framework governing banking offices, iib East Africa in Ethiopia will focus on developing relationships with local financial institutions, engaging with key stakeholders, and conducting market research to identify emerging opportunities in Ethiopia’s evolving financial sector. The office will also serve as a liaison through which Ethiopian businesses and potential partners can access iibGroup’s international banking capabilities and connect with the bank’s broader regional network.

“We aim to serve as a bridge between Ethiopian businesses and international markets,” said Mrs. Aynalem Ababu, Chief Representative Officer in Addis Ababa. “At the same time, we look forward to supporting international investment into Ethiopia’s major infrastructure initiatives, including the Bishoftu airport project and its planned aerotropolis development.”

About iibGroup Holdings W.L.L. (Bahrain)
iibGroup is a diversified international investment and banking group with operations across East Africa, the Middle East, West Africa, and the Caribbean. The Group provides banking, investment, and advisory solutions while also deploying capital into high-impact sectors such as trade, digital infrastructure, and financial inclusion. Through its regional platforms, iibGroup supports SMEs, empowers women- and youth-led enterprises, and channels capital to industries that strengthen regional integration and sustainable growth across emerging markets.

About iib East Africa (Djibouti)
iib East Africa is a licensed banking institution based in Djibouti, serving corporate and institutional clients across the Ethiopia–Djibouti corridor. The bank is committed to advancing financial inclusion, innovation, and private sector development in the region

Media Contact
Farah Sayeed
Director, Brand & Marketing Communications
iibGroup
farah.sayeed@iibanks.com
+973 1711 6634
www.iibanks.com

Djibouti, 18 March 2026 – iib East Africa organized a community food distribution initiative in partnership with the Jeune Midnimo Biyokeid association, reinforcing its commitment to supporting vulnerable communities across Djibouti.

The initiative took place in the Biyokeid neighborhood of Balbala, an area where local needs remain significant and where the association plays an active and impactful role in community support. Held during the final days of the holy month of Ramadan, the initiative carried special significance reflecting the values of solidarity, generosity, and compassion that define this period.

As part of the effort, approximately 90 food packages were distributed to families in the community. Each package included essential food items aimed at providing meaningful support to households during Ramadan. In addition, coupons were distributed to all beneficiaries to enable better follow-up and coordination, ensuring that assistance reaches those who need it most in a structured and sustainable manner.

iib East Africa extends its sincere appreciation to the Jeune Midnimo Biyokeid association for their exceptional dedication, efficiency, and strong presence on the ground. Their commitment and local engagement were instrumental in the successful execution of this initiative.

Through this collaboration, iib East Africa reaffirms its broader mission of contributing to social development and supporting communities at the grassroots level. The bank remains committed to driving initiatives that create tangible impact, particularly during moments that call for collective support and shared responsibility.

Cape Verde / Djibouti / London, 19 March 2026 – iib has secured two prestigious wins at the Euromoney Private Banking Awards 2026, with iib West Africa named Cape Verde’s Best for Premier Banking and iib East Africa awarded Djibouti’s Best Private Bank. The awards were formally presented at a ceremony hosted at The Peninsula London Hotel on March 19, 2026, celebrating leading institutions in global private banking and wealth management.

The Euromoney Private Banking Awards are widely regarded as a benchmark of excellence in the financial industry, recognizing institutions that demonstrate superior performance in client service, innovation, discretionary portfolio management, and the ability to meet the evolving needs of high-net-worth clients.

These dual recognitions highlight iibGroup’s growing strength across multiple markets, underpinned by a client-centric approach and a commitment to delivering tailored financial solutions. In Cape Verde, iib West Africa has continued to strengthen its premier banking proposition through personalized advisory services and innovative product offerings. In Djibouti, iib East Africa has reinforced its leadership in private banking by delivering bespoke wealth management solutions and enhancing client experience through both relationship-driven service and digital innovation.

Commenting on the achievement, Sohail Sultan, Group Chairman, said:
“We are honored to receive these recognitions from Euromoney across two key markets. These awards reflect the strength of our strategy and our unwavering focus on delivering personalized, high-quality banking experiences. These awards are a testament to the trust our clients place in us and the dedication of our teams across regions to continuously raise the standard of private banking.”

The awards ceremony in London was attended by senior representatives from iibGroup, including Sohail Sultan, Chairman iibGroup) and Joseph Carasso, CEO iib West Africa, marking a significant milestone for the Group’s international presence and continued growth in private banking.

iibGroup remains committed to expanding its footprint and enhancing its private banking and wealth management capabilities, combining global best practices with deep local market expertise to serve clients across its operating regions.

About Euromoney
Euromoney is a globally recognized authority in financial publishing, providing analysis and rankings across the international banking sector. Its Private Banking Awards celebrate institutions that demonstrate excellence in wealth management and set the benchmark for client service and innovation worldwide.

London, 12 March 2026 – iibGroup is proud to announce that iib East Africa has been awarded Best SME Bank in Djibouti by Global Finance Magazine as part of the Global Finance Best SME Bank Awards 2026. The award was formally presented during the Best FX Banks & Best SME Bank Awards Ceremony held in London, bringing together leading financial institutions from across the world.

The Global Finance SME Bank Awards recognise banks that demonstrate outstanding commitment to supporting small and medium-sized enterprises through innovative financial solutions, strong lending practices, and a clear contribution to economic development. Winners are selected based on a range of criteria including market share, customer service, product innovation, lending growth, and overall support for the SME sector.

Representing iibGroup at the ceremony were Sohail Sultan, Chairman of iibGroup, and S.K. Husain, COO, who accepted the award on behalf of the bank. The recognition highlights iib East Africa’s continued focus on empowering SMEs, strengthening access to finance, and supporting entrepreneurship in Djibouti and the wider region.

SMEs play a central role in the economic development of Djibouti, and iib East Africa has positioned SME banking as a strategic priority. Through tailored financial solutions, trade finance support, working capital facilities, and advisory services, the bank continues to support businesses operating across key sectors including logistics, trade, infrastructure, and services.

This award further reinforces iibGroup’s broader commitment to building a banking platform that supports private sector growth across emerging markets while delivering innovative and responsible financial solutions.

As part of its long-term sustainability program, iib East Africa organized a tree-planting activity on November 29 in collaboration with Comité Action Climat. The event took place at Quartier 6 Bis Primary School and brought together students, teachers, and volunteers in a collective effort to protect the environment.

Before the activity, the school did not have any trees. Thanks to this initiative, 75 trees were planted within the school premises, marking a strong beginning toward building a greener and healthier environment for the students.
The initiative carries a dual objective: contributing to environmental preservation while supporting the well-being and education of children. By engaging students directly in the tree-planting process, the activity offered a hands-on learning experience that helped them understand the importance of trees and their essential role in protecting the environment, preserving air quality, and supporting the natural ecosystem.

To further strengthen the emotional connection between children and nature, students were invited to give names to the trees they planted. This symbolic gesture was designed to help them develop a sense of attachment and responsibility, while reinforcing the idea that plants are living beings that need care, attention, and protection to grow.

Through this initiative, iib East Africa reaffirmed its commitment to promoting sustainable development and environmental responsibility in the community. The bank emphasized that sustainability is not only an institutional duty but also a shared responsibility that must be encouraged from a young age.

iib East Africa extends its heartfelt appreciation to the management of Quartier 6 Bis Primary School for their warm welcome and collaboration, as well as to Comité Action Climat for their unwavering commitment and professionalism throughout the project. Their invaluable support greatly contributed to the success and impact of this initiative.

The activity concluded with a message of empowerment and awareness, encouraging children to become future environmental ambassadors. iib East Africa and @ComiteActionClimat expressed their intention to continue collaborating on impactful community-based sustainability projects.