Egypt’s premier private sector bank, CIB has made a deep institutional commitment to ESG practices that is transforming the bank into a major force for sustainable finance in Egypt and around the world.
One of Egypt’s first institutions to introduce Sustainability Reporting, CIB annually reports sustainability practices and ESG performance since 2015, including carbon footprint reporting. In 2020, CIB set a target of 10% GHG reduction by 2025 for its internal operations and transitioning GHG emissions from its lending and investment portfolios to achieve net-zero goals by 2050 or earlier.
As a founding signatory to the Principles for Responsible Banking (PRB), CIB is committed to aligning its business with Paris Agreement on Climate Change and UNEP-FI principles. As a first step in adopting PRB, the bank has undertaken a holistic impact assessment of its lending portfolio, using the UNEP-FI Impact Assessment tool to identify its economic, social, and environmental impacts on people and the planet. Starting with its business banking portfolio, CIB is identifying its most significant areas of impact, formulating a baseline, and creating an action plan with goals for mitigating negative impacts and intensifying positive impacts.
Strong sustainable practices landed CIB a #1 ranking on the Egyptian Stock Exchange Sustainability Index since 2016 and a listing on the FTSE4Good Sustainability Index since 2018. CIB was also selected for the Low Carbon Select Index in the MENA, recently launched by the Arab Federation of Exchanges and data provider Refinitiv.
Promoting Green Finance
Leading development of Egypt’s green bond market, CIB last year issued Egypt’s first Green bond for up to USD100 million. A private placement with IFC, the bond’s proceeds observe UN sustainable development goals.
A New Era of Responsible Banking
CIB’s sustainability leadership is driven by exemplary, well-defined governance and top-down commitment from its Board of Directors. Its Sustainable Finance Policy is fully integrated into the bank’s core operations and establishes a comprehensive framework translating ESG commitments into targeted initiatives advancing ESG principles throughout the bank’s policies, culture, and business.
Through CIB’s sustainable finance practices, the bank is helping clients transition to a more responsible, profitable economic model and demonstrating sustainable finance best practices for the banking sector.
The Board of Directors stated that “CIB is committed to setting the standard for sustainable finance in the region. Our goal is to prove that business wellbeing and sustainable practices go hand-in-hand and, leading by example, accelerate a new era of sustainable development in our economy.”
Source: Global Finance
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