ANOTHER MILESTONE IN OUR SUSTAINABILITY JOURNEY
CIB is celebrating a year of achievements on the sustainability front since becoming a founding signatory of the United Nations Environment Program – Finance Initiative (UNEP-FI) Principles for Responsible Banking. On 22 September 2019, CIB joined 130 banks from over 49 countries to sign the Principles for Responsible Banking, the first principles specifically for banking institutions to encompass social, environmental, and governance practices as part of their day-to-day operations.
As a founding signatory, CIB is committing to strategically align its business with the SDGs and the Paris Agreement on Climate Change. The six UNEP-FI principles, Alignment, Impact and Target Setting, Clients and Customers, Stakeholders, Governance and Culture, and Transparency and Accountability, are in line with CIB's sustainability strategy and pillars. The Bank continues to act as a domestic and regional influencer in promoting the UNEP-FI Principals for Responsible Banking and has worked on all of the principles in the last year, with a focus on Alignment, Impact and Target Setting, and Governance and Culture.Since signing the principles, CIB has taken the lead in Egypt in forming international partnerships that address responsible banking, the empowerment of small businesses, financial literacy, and corporate commitment to climate action.
In line with this vision, CIB became the first bank in Egypt to create a Sustainable Finance Division, which is a merger of the Bank's business and sustainability strategies into one framework. The purpose of the division is to ensure the centrality of sustainability as a core business strategy and to provide a robust platform capable of ingraining sustainability into the Bank, propelling CIB further towards our vision.The Principles for Responsible Banking provide CIB with an effective framework to systematically identify and seize new business opportunities created by the emerging sustainable development economy, while at the same time enables the Bank to effectively identify and address related risks. CIB will continue to support this grand initiative while working adamantly on creating a positive impact in the banking sector in Egypt and the region.