Commercial International Bank Egypt (CIB), Egypt’s leading private sector bank, was recognized today as one of 28 global banks that worked to develop the “UN Environment Program Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB). At the UNEP FI Global Roundtable held in Paris today, 12 CEOs, including CIB Chief Operating Officer Mohamed Sultan, officially unveiled the principles, which set the global standard for what it means to be a responsible bank and create value for both shareholders and society.
The PRB provide a road map for the banking industry in specific to play a role in addressing the most prevalent environmental, social, and economic issues in the world today. They were developed over a multi-year process in consultation with leading banks from around the world.
“We are incredibly excited to have been part of the team developing the Principles of Responsible Banking, which will help banks over the world integrate sustainability into their business model and begin measuring their success in terms of not only profitability but also social and environmental impact,” said Mohamed Sultan, COO of CIB Egypt. “As Egypt’s leading private sector bank, CIB strives to set the tone for innovation and transformation in the country’s banking sector. Participating in this initiative has provided us with an opportunity to challenge ourselves and our peers to place a greater emphasis on sustainability into our day-to-day operations.”
In addition to instructing banks on how to integrate sustainability into their business, the PRB also provide a framework with which investors, policymakers, clients, civil society organizations, and other key stakeholders can evaluate the financial institutions with which they do business and hold them accountable.
“For years, CIB has worked to provide sustainable capital to help our clients grow, give back to the communities in which we live and work, and incite actionable change as it relates to environmental business practices,” said Sultan.
The first draft of the principles was disseminated at a ceremony attended by Satya Tripathi, Assistant Secretary-General of UN Environment, Augustin de Romanet, Chairman of Paris Europlace, and representatives of the key institutions involved in the initiative, among other global financial leaders. From the launch day until the signing ceremony of the principles at the meeting of the UN General Assembly, which will be held in New York in September 2019, banks and other major stakeholders worldwide can publicly announce signing intent or endorsement respectively.