Cairo, Egypt – Commercial International Bank (CIB), Egypt's leading private sector bank, is actively working towards advancing climate finance in Africa. In line with its commitment to drive climate and transition finance, as well as sustainable finance education, CIB participated in two panel discussions during Africa Climate Summit Week in Nairobi, Kenya. The summit aimed to showcase the various climate challenges faced by Africa, leading up to COP28.
Dr. Dalia Abdel Kader, CIB's Chief Sustainability Officer, participated in the GFANZ panel titled "Capacity Building for Financial Institutions to Drive Climate Action in Africa." During the panel, she emphasized the importance of integrating sustainable finance education into the curriculum of financiers and university students. This, she believes, will pave the way for long-term climate action in the region. Dr. Abdel Kader stated, "We need to reform traditional education systems to adapt to the changing nature of climate change. Finance professionals are now expected to conduct climate scenario analysis, stress testing, decarbonize portfolios, and report on clients' emissions data."
Dr. Abdel Kader also contributed to the "Championing Climate Action in the African Financial Sector" panel organized by the African Financial Alliance on Climate Change (AFAC). She expressed CIB's belief in the ability of African financial institutions to transform climate risks into opportunities. CIB is actively leading innovative business models to advance transition finance, including climate mitigation and adaptation. Dr. Abdel Kader further mentioned that sustainable finance education is fundamental to unlock the potential of African financial institutions.
CIB has already launched the Sustainable Finance Academy during COP27 and is working towards expanding its reach to engage with African peers. In addition, CIB's CEO and Managing Director, Mr. Hussein Abaza, attended the GFANZ Africa Advisory Board meeting, the only in-person meeting of its kind in Africa this year. The meeting focused on discussing the way forward for the GFANZ Africa network and identifying priority areas to further climate action in the region. Mr. Abaza is a member of the advisory board. CIB remains committed to driving climate finance and sustainable practices in Africa, leveraging its subsidiary, CIB Kenya Limited, to expand its banking operations in the region.