Cairo, Egypt – Commercial International Bank (CIB), Egypt’s leading private sector bank, participated in Egypt’s third annual forum on Strategies for Transition to Green Economy “Sustainable Finance and Green Investment” as the event’s Sustainable Finance Partner. The forum, which was held on 14 June 2021, aimed to create opportunities and partnerships between participating banks, the Egyptian Government, development institutions, SME’s as well as big corporates and all stakeholders interested in achieving sustainable development in the country and helping shift towards a green economy to face future climate risks.
“Sustainable finance is one of the main components of CIB’s core business strategy,” said Dr. Dalia Abdel Kader, Chief Sustainability Officer. “We encourage customers to take part in advancing sustainable finance development in Egypt, which comes in line with the Bank’s commitment to aligning its financial solutions with environmental, social, and governance (ESG) principles and Egypt Vision 2030.”
CIB’s Chief Sustainability Officer, Dr. Dalia Abdel Kader moderated the “Green Economy Engines” session, attended by Ms. Heba Abdelatif, CIB’s Head of Financial Institutions, as a speaker amongst distinguished participants: The Advisor to the Egyptian Ministry of Planning and development institutions such as the Japan International Cooperation Agency (JICA), the CDC Group, and the International Finance Cooperation (IFC).
“Private sector institutions need to join forces to achieve sustainable development,” stated Heba Abdel Latif, Head of Financial Institutions at CIB. “CIB has established a green brand to encourage green investments, resulting in a paradigm shift in the Bank’s operations,” she added.
During the session on” Responsible Financing and the Future of SMEs”, Maysoun Nabil, Head of E&S Management and Sustainability Systems at CIB, has outlined sustainable finance investment opportunities for small and medium businesses through developing products according to international standards and minimizing risks. “It is also necessary to raise the awareness of young investors about the importance of integrating environmental and social principles in their businesses to accelerate the transition towards a green economy. This integration will enable businesses to monitor potential opportunities to achieve green development in light of global climate challenges and Egypt’s capabilities in facing these challenges, as well as gaining access to sustainable financing resources, which is crucial for pushing forwards the sustainable development process and the power of SMEs”.
During the forum, CIB showcased four green financing programs that are tackling environmental compliance, pollution abatement, renewable energy and the wide spectrum of agri-business and related chains.