CIB is delighted to announce that it is the first bank in Egypt to issue a Green Bond with a value of USD 100 million! CIB has always been a long-time supporter and committed believer in sustainable finance and in the role corporations must play in seeking sustainable and comprehensive solutions to mitigate climate change.
Green Bonds are fixed-income financial instruments. Their proceeds exclusively finance or re-finance—in part or in full—eligible green projects.
CIB’s Green Bond program aims to assist projects that promote sustainable solutions to climate change and that require financing, such as renewable energy, industrial energy efficiency, green buildings, and resource efficiency. This program helps support Egypt’s economy and increases the share of renewables in Egypt’s energy mix, mainstream green buildings across the country, and further develop resource efficiency best practices in the industrial sector.
The issuance of this green bond has been fully subscribed to by the IFC, which is part of the World Bank Group, and it is supported by the Green Bond Technical Assistance Program—with funding from the Swedish International Development Cooperation Agency (SIDA)—and by the Market Accelerator for Green Construction Program—with funding from the UK’s Department for Business, Energy and Industrial Strategy.