Cairo, Egypt – Commercial International Bank (CIB), Egypt’s leading private sector bank, has announced the successful integration of ESG principles across the Bank’s 37 policies in the first half of 2022, in accordance with its Sustainable Finance Policy, issued in January 2022.
The policies have been developed in line with local and global standards and frameworks by analyzing and evaluating key performance indicators of the principles of sustainable finance. This success is due to the collective efforts of all CIB departments, as well as the Bank's commitment to integrating sustainability practices across its operations.
In keeping with the Bank’s leading role in the sustainable finance field, CIB plays an important role in advancing sustainable development in Egypt more comprehensively. The Bank’s Sustainable Finance Institutional Pillars include Sustainable Finance Governance, Sustainable Finance Policy and Frameworks, Sustainable Finance Management Systems (ESMS), Sustainable Finance Strategy, Sustainable Finance Education and Communication, as well as Sustainable Finance Programs offered to its clients.
The Bank has also contributed to the implementation of local and international guidelines and frameworks to ensure its compliance with the regulations of the Central Bank of Egypt (CBE) and the Financial Supervisory Authority (FRA) issued in July 2021. The Bank has also finished creating its organizational structure, which was approved by the Board Sustainability Committee, Board Members and all the Bank’s departments.
The Bank remains committed to boosting efforts for climate change adaptation, in alignment with national efforts, the Paris Agreement on Climate Change, the United Nations Sustainable Development Goals (SDGs) and the 27th Conference of the Parties (COP27), which will be held in Sharm El-Sheikh in November.