The Commercial International Bank-Egypt (CIB), the leading Egyptian private bank, officially announced the launch of its new carpooling application for its staff, in collaboration with Raye7 Startup. It introduces an innovative sustainable development initiative that brings positive impact on our community, protects the environment, and supports young Egyptian entrepreneurs.
The “Raye7-CIB” application is the first of its kind in the Egyptian banking sector. It serves as an internal digital platform used by CIB employees, to share their rides to and from work. This act is meant to ripple a positive impact environmentally, socially and economically.
The new initiative evidences CIB’s firm commitment to the community, exerting all efforts to effectively contribute to social development through its series of outstanding initiatives and projects. Moreover, this carpooling application supports the government’s ambitious plans and strategies related to solving the traffic congestion by reducing the number of vehicles, optimizing consumption of oil and gasoline, and decreasing CO2 levels in the environment.
More notably, the new application, developed in partnership with Raye7 startup, reflects CIB’s ongoing support to Egyptian entrepreneurs by giving them opportunities to excel in their fields, and introduce innovative products and solutions, which better serve the community.
CIB-Egypt maintains a Sustainable Development vision to uphold its distinct reputation through its commitment to inclusive, responsible, and sustainable growth across its various projects. The Bank has dedicated a specialized unit since 2013 to abide to, study, and improve the ways to integrate sustainability in banking operations and encourage staff participation in the social and environmental practices, as well as the implementation of the sustainability principles across the Bank's branches and headquarters in Egypt.
In January 2017, CIB-Egypt has been recognized by the Financial Times Stock Exchange and was included as a constituent in their internationally recognized initiative 'FTSE4Good Emerging Index’. The index is designed to measure and rate the performance of companies demonstrating Environmental, Social, Governance (ESG) practices.