CIB Collaborates With IFC to Qualify NGU for Green Building Certification

Commercial International Bank (CIB) Egypt has announced that New Giza Infrastructure and Educational Services Company (NGU), a subsidiary of New Giza Holding, has obtained the EDGE Advanced Green Building Certification.

This achievement comes as part of CIB's implementation of the Sustaining Sectors sustainability program, which aims to support and enhance the capabilities of companies operating in various sectors and raise their awareness of the benefits of sustainable financing.

Green Building Certification is one of the effective systems of Sustaining Sectors program, which was developed in the context of the successful issuance of $100 mn in green bonds. It aims to enable companies in all sectors to adopt new trends and technologies in construction methods, allowing them to keep pace with and adapt to the opportunities and challenges of climate change.

NGU, the infrastructure and educational services company of New Giza, has successfully qualified for the EDGE certification. The bank's team of environmental assessment experts conducted field visits and coordinated with the company's staff to assist in the registration procedures and fulfill all the required standards for the Engineering College building at New Giza University to obtain the EDGE certification. This collaboration was done in partnership with the International Finance Corporation (IFC), which provided technical support to the university.

It is worth mentioning that the university has exceeded the minimum requirements for consumption reduction. Sustaining Sectors program has successfully supported the university in achieving a 46% reduction in energy consumption, a 54% reduction in water consumption, and a 30% reduction in raw material consumption. These achievements have made the university eligible for the EDGE Advanced certification.

Estimates indicate that New Giza University will significantly reduce its water and energy consumption. The university has already received a grant covering 2.8% of the required facility to construct the building, equivalent to US dollars.

Moreover, this certification provides designers with a free program that assesses the resource efficiency level of buildings using diverse options and alternative materials. The better the design, the more it contributes to reducing energy and water consumption, consequently lowering monthly energy and water costs.

In order to strengthen the Sustaining Sectors and green bonds programs, Commercial International Bank (CIB) provides appropriate financing to companies in various sectors. It also assists them in becoming more capable of transitioning to a low-carbon economy by providing tools, necessary training, and sharing best practices and experiences in collaboration with the International Finance Corporation (IFC).

In this context, Amr El-Ganainy, CEO of the Corporate Sector at CIB, commended the professionalism of New Giza Development and Real Estate Company and their commitment to preserving their leadership and growth through adopting global best practices. The qualification process for accreditation required full coordination between the bank's team and the International Finance Corporation, highlighting the importance of the role and joint cooperation between the banking sector and multi-party financial institutions.

He added that the bank's sustainable finance system strives to provide integrated support to its clients from all economic sectors, enabling them to effectively address climate opportunities and challenges and maintain their ability to grow and keep up with local and global developments that affect all sectors and their growth opportunities.

Currently, there is ongoing coordination between CIB and the International Finance Corporation to prepare a new group of client companies familiar with green building transactions, whether in the industrial sector, construction and development, or developers. This will assist them in adopting low-cost and environmentally friendly building solutions, supporting their brand and competitiveness.