Lisbon, 19 May 2026 – iibGroup is once again partnering with Chevening Scholarships, the UK programme that provides scholarships for postgraduate studies in the UK, with the award of three scholarships in Africa: one in Cabo Verde, one in Djibouti and another in Ethiopia.
The partnership with Cabo Verde was formalized on Monday 18 May in Lisbon, with the signing of the agreement between Lisa Bandari, UK Ambassador to Portugal and Cabo Verde, and Sohail Sultan, Chairman iibGroup. The ceremony was also attended by S.K. Husain, COO iibGroup, Joseph Carasso, CEO iib West Africa and Sabiha Sultan, Director – Institutional Investors iibGroup.

“The students who have benefited from Chevening scholarships through iibGroup over the past year demonstrate the real impact that this type of initiative can have, not only at an individual level but also within their communities. By renewing this partnership, we are reinforcing our commitment to empowering talent and promoting more inclusive and sustainable development, training the leaders of tomorrow”, emphasized Sohail Sultan during the event.

Also at the ceremony, Lisa Bandari stated: “Chevening It is truly a life-changing experience, opening doors to world-class education, cultural exchange, and a global network of over 60,000 alumni, including presidents, entrepreneurs, scientists, educators, and civil society leaders. Today’s renewal ensures that another talented Master’s student will have that same opportunity. We strongly believe that talent is everywhere, but opportunity is not. By funding this scholarship with the UK Government, iibGroup is helping to close that gap and unlock potential in Cabo Verde”.
Chevening is the UK government’s scholarship programme, through which scholarships are awarded to individuals with a strong academic background who demonstrate leadership potential. It offers financial support to study at a UK university and the opportunity to join an influential global network of over 60,000 alumni across more than 160 countries and territories.

In addition to financial support, iibGroup will mentor and support the selected students, integrating them into the group’s various initiatives. iibGroup continues to strengthen its role as a catalyst for progress, reaffirming its commitment to empowering the next generation of leaders and promoting innovation for a more sustainable future.

Applications for Chevening scholarships are currently being reviewed.

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.
For more information, visit www.iibanks.com

About iib West Africa:
iib West Africa is a licensed banking institution headquartered in Cape Verde, serving corporate and institutional clients across the African continent. The bank is committed to promoting financial inclusion, innovation and the development of the private sector in the region.

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.

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.

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.

Commitment to sustainability – from financing green and blue bonds, to creating digital access for customers, to maintaining transparent governance for all stakeholders – can enable banks to create a culture that fosters long-term resilience, trust and value creation.

Joseph Giarraputo, Founder and Editorial Director of Global Finance, talks to Sohail Sultan, Chairman, iibGroup, about the bank’s wide-ranging sustainability initiatives and how they have shaped the institution’s identity and culture.

Committed to serving as a sustainability leader in the community, iib’s sustainability initiatives span multiple sectors. In healthcare, for example, the bank has run blood donation campaigns and supported oncology services. iib’s educational programsincludes partnering with the British Foreign Office to sponsor post-graduates for UK education as well as sponsoring technology upgrades and providing digital media solutions for corporate employees.

Intercontinental Investment Bank (iib) has signed a EUR 10 million Line of Credit Agreement with the Arab Bank for Economic Development in Africa (BADEA) to support the growth of the private sector in the Republic of Cabo Verde.

The agreement aims to finance small and medium-sized enterprises operating in the sectors of trade, food industries, and fisheries, contributing to the country’s sustainable economic development.

It was signed on behalf of IIB by Mr. Sohail Sultan, Chairman of the iibGroup, and on behalf of BADEA by H.E. Abdullah ALMUSABEEH, President of BADEA.

London, October 7, 2025 — iib West Africa has been recognized by Global Finance magazine with the Top Innovation in Finance in Africa award as part of “The Innovators 2025” program. The award ceremony took place in London on October 7th, bringing together global financial leaders and technology innovators from across the world.

The award highlights iib West Africa’s pioneering online account opening service, which has transformed how customers in Cape Verde and beyond access banking services—combining speed, accessibility, and security while maintaining the bank’s hallmark of personalized service excellence. “This award recognizes iib West Africa’s ability to keep pace with the growing digitization of the market and respond to the demand for faster, more accessible, and secure banking solutions while maintaining our high quality of service,” said Joseph Carasso, CEO of iib West Africa. “It is a proud moment for our team and a reflection of our continuous commitment to innovation in financial services.”

The digital account opening platform—available free of charge—allows individuals and businesses to open accounts remotely in three currencies: CVE, USD, and EU. The platform eliminates traditional barriers to entry by simplifying onboarding and ensuring compliance with the highest international standards of security and data protection.

Building on this milestone, iib West Africa plans to further expand its digital ecosystem with new features, including online credit applications, investment tools, and other essential banking services. These developments are part of the bank’s long-term strategy to make comprehensive financial solutions fully accessible online, aligning with Cape Verde’s vision for a digitally connected economy.

In attendance at the ceremony from iibGroup were S.K. Husain – COO, Husain AlMusawi – Director IT, Farah Sayeed – Director Brands and MarCom and Karine Moreno from iib West Africa.

The Innovators 2025 award recognizes institutions that are reshaping how financial services are delivered through creativity and technology. iib West Africa’s digital account opening initiative is an exemplary model of innovation driving inclusion and customer empowerment. With this distinction, iib West Africa reinforces its position as a leading financial institution in the West African region, headquartered in Cape Verde, and continues to champion innovation and accessibility as cornerstones of its growth strategy.

ib West Africa has been awarded Best Commercial Bank 2025 by World Finance, a leading voice in global financial journalism. The recognition reflects the bank’s consistent performance, deep client relationships, and strong contribution to West Africa’s commercial banking landscape.

Over the past year, iib West Africa has focused on enabling trade, supporting SMEs, and expanding access to financial services across key sectors. Its tailored approach to client needs, paired with digital efficiency, has positioned the bank as a reliable partner in a rapidly evolving market.

“This award is a testament to the strength of our regional strategy and the trust we’ve built with our clients,” said Sohail Sultan, Group CEO of iib. “We are committed to building a commercial banking model that accelerates inclusive growth and delivers value beyond numbers. This award belongs to our clients and our teams who deliver with purpose every day.”

iib West Africa has strengthened its support for cross-border trade, agriculture, and infrastructure projects, while continuing to simplify banking for everyday entrepreneurs. Its performance reflects the bank’s vision to become the partner of choice for businesses seeking stability and growth.

“At iib West Africa, we see banking as an engine for opportunity,” said Joseph Carasso Junior, Regional CEO – West Africa. “Our focus is on making finance more accessible, more impactful, and more relevant to the challenges and ambitions of our clients across the region.”

The World Finance Banking Awards celebrate institutions that demonstrate innovation, performance, and impact. iib West Africa’s win reflects the bank’s ongoing commitment to progress and excellence across the region.

About World Finance

World Finance is a leading bi-monthly financial publication that has been operating since 2007, offering in-depth coverage and analysis of the financial industry, international business, and global economic trends. With a focus on innovation, leadership, and market intelligence, its annual awards recognize excellence across banking, finance, and corporate governance worldwide.