In 2019, CIB became a founding signatory of the UN-Convened Principles of Responsible Banking (PRB), a leading global sustainable banking initiative. Since its launch, the number of signatories has reached 240 banks from 69 countries with a collective USD 60 trillion in total assets representing 40% of the global banking industry. The Principles define the framework through which banks can set their sustainability strategies are aligned with Sustainable Development Goals (SDGs) and the 2015 Paris Climate Agreement. They act as a link between the United Nations and leading banks worldwide and frame the collective movement of change the world is embarking on.
By becoming signatories, banks commit to taking the following key three steps to help them leave a positive impact on their communities and the world at large:
- Analyze current impact on people and planet
- Set targets for the most significant impact and implement them
- Publicly report on progress
Today, we are celebrating two years of the PRB by highlighting CIB’s responsible banking efforts:
- Released business banking (SMEs) portfolio impact assessment in March 2021
- Launched Egypt’s first green bond in 2021
- Joined he Task Force on Climate-Related Financial Disclosures (TCFD) in 2020 and Net Zero Banking Alliance (NZBA) in 2021
- Launched a Sustainable Finance division in 2020 headed by the Chief Sustainability Officer
- Established a new Sustainable Finance governance framework
CIB is committed to becoming Egypt’s number one sustainable development bank and driving the implementation of the PRB across the region. As a leader in responsible banking, the Bank aims to adopt best practices in sustainability, CSR and governance, in addition to supporting financial inclusion and literacy, women and youth empowerment and equality.
To know more about CIB's progress towards the implementation of the Principles for Responsible Banking, click here.